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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: Gush who wrote (7577)	4/8/2005 2:28:58 PM
From: Walkingshadow	Read Replies (1) \| Respond to of 8752

<<I suspect Monday will break $37.00.>> Maybe.... guess we'll have to wait and see. I am becoming more convinced that QQQQ has now dropped from a trading range between $37 and $38 (roughly) to a new lower trading range between roughly $36 and $37. You can draw horizontal lines on the chart corresponding to these boundaries and see what I mean: stockcharts.com[h,a]daclyyay[pb50][vc60]&pref=G If I am correct, today represents a test of the upper boundary of that trading channel, and it appears QQQQ is failing at that test. This lends more credence to that trading channel notion IMHO. So, maybe what we'll see in coming weeks is that eventually the lower boundary of the new trading range (still not well defined---seems to be about $36 or a bit higher) will also fall, which would set up QQQQ for a bottom. That scenario would nicely dovetail with what we see in the regression channels----the medium-term and long-term regression channels are on a collision course at just above $35. I think that is a likely place for a bottom, with an end to the medium-term correction and subsequent continuation of the long-term uptrend. ....all IMHO, of course. T