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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: Killswitch who wrote (14481)	8/26/2002 4:11:34 PM
From: Killswitch	Respond to of 19219

Markets at decision point here. If they turn down tomorrow morning it negates those inv H&S patterns/consolidations that have targets in the Friday gap down area, and this afternoon's rally becomes just a correction to the 50%/61.8% retrace area that should give us new runs down equal to the decline from Thursday's high to today's lows. Also it would form a convincing H&S pattern on the SPX going back to last Monday. If they continue up much further then a retest of the highs/gap fill becomes extremely likely. So to sum up: it looks to go up, unless it doesn't :-)