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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dennis michael patterson who wrote (33257)	3/27/2002 10:23:39 AM
From: velociraptor_	Read Replies (1) \| Respond to of 52237

It really depends on your time frame for analysis. While I do look at things on a day to day basis, a particular prediction such as a bottom formation may take several days to form. The SPX has been around 1140 +/- 10 points for the last 5 days at least which is when I started seeing signs of a possible bottom. Odds are increasing now for that bottom as we fail to pick up any heavy momentum to the downside here. I also outline failure points for the "just in case" scenarios which provide adequate warning signs that we're not there on the bottom yet, but at the same time, we don't have downside acceleration. Could the market stay oversold? Yes it could, and I have my break point. But the wave structure here also doesn't support more down either before we get a stronger bounce. You have to play it a day at a time, but also be able to put things into a bigger picture and right now, the charts are forcing me to stand by my suggestion that we still get a stronger bounce soon and that downside is likely to be limited. Sometimes you have to make slight adjustments to an analysis, but the broader expectation doesn't change. Market analysis never will be a 100% exact science for anyone, and of course I could even turn out to be wrong in the bigger picture. I'll change my outlook as soon as I see the break points or something changes..