To: Michael who wrote (3381 ) 7/11/2002 9:15:30 PM From: ig Read Replies (2) | Respond to I'm going to respond to some of these questions, because I am having a great month and feel like contributing and paying Jeff back for some of his terrific advice -- and besides, I want to test my knowledge.. :-)"Pierce and sucker is where the market goes through a former support/resistnace point and then reverses quickly, thus suckering all the longs/shorts who played for the breakout/breakdown." "A death blow is where the stochastics approach or pass the 50 mark from below and then reverse. Anti-venom is the reverse ? What exactly is the significance of this." from below the 20 mark and then turns back. AV is the reverse, yes. The significance is that when stochastic shoots out from below 20, it is sometimes taken as a strong bullish signal, which, if it is a healthy signal, should easily fly thru the 50 mark. When it fails there instead and turns back, it is a sign that the move up from under the 20 is not as healthy as it might have seemed."What made you pick that period, and why do you think the symmetry is not just a random correlation. For instance you say its not correlated timewise, yet you also mentioned a rough timetable for this playing out, how did you arrive at that?" Support-and-Resistance-wise. This means that prices have been consistently honoring the major S/R price levels and should continue to do so until the retrace is complete. We don't know exactly when prices will bounce off these S/R levels -- and that's why my cat makes better intraday calls than Jeff does! :-) -- but we do know the prices at which the turns will be made -- and that is why Jeff's call on the Big Picture is a thing of beauty.
