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Strategies & Market Trends : Why the markets will continue higher... -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (367)	1/6/1998 11:30:00 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 745

Hello GZ THanks for your reply.....and for the question.... "Are we going lower today?" The question made me look at the forks... 1) First of all 8000 is a resistance level and the market may bounce again. 2) The market moved up through the upper tine of the small fork on friday and was flat to it on monday... 3) It maybe drawn back down and through this upper tine... 4) Now....there is the lower tine of the previous fork formed off Nov lows (bisec Dec H/L)....this has a very stronge rise. 5) These tines intersect today Tues...... I would say there is a 50/50 chance that the market will correct today and close very close to that intersection. Wed there would be a 50/50 chance to either direction...but I would have to say the market would be going higher drawn to the center tine of the rising fork. We may even see this happen all in one day...touch the intersection and rebound upwards. Looking further along: 1) If it goes down and through the lower tine off Nov lows drawn towards the center tine small fork and crosses the lower tine of the major fork we could be in trouble. 2) But this is not expected until the 14th cycle turn. So....if I were holding any calls on this index bought on the Nov low I would not be selling. How am I doing..? Making any Sense.....smile. Chip