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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Henry J Costanzo who wrote (134712)	7/24/2006 9:00:24 PM
From: wave3rules	Read Replies (1) \| Respond to of 209892

You know if you take the same chart (the S@P) do the weekly and go back to Oct 2002 the power dive in May did a 4th touch confirming that trend line then 3 weeks later broke thru and closed below, then we bounced 4 weeks ago closing above and the last 3 weeks below. That trend line is broken and like often happens we linger before complete breakdown. And below trend line is a big factor. Now do a trend line from Jun 2003 the 5th touch was 6 weeks ago with a dip below, and the 6th and slight breach was last week and close JUST above the trend line, in fact treat as on the trend line. That line runs about 1240 right now. So this bounce up right now is fully expected, the thing is does that trend line get taken out in the next couple weeks, thats the pattern I figure we are looking at. I got to learn how to post charts, a picture is worth 1000 words they say, and since my spelling and grammer suck, well its worth a book.