To: MonsieurGonzo who wrote (33545 ) 1/19/1998 8:27:00 AM From: donald sew Read Replies (1) | Respond to of 58727
Steve, I took a look at your charts, and the darn things look like Christmas Trees, with all those colors, trading channels, Fibinocci Lines. >>> gggggggggg <<<< I dont use Fibinocci fans/lines only because I dont have access to them, so if you could be kind enough I would like to look at them once in a while, if thats OK with you. I noticed some very interesting things with your charts. If you read one of my previous posts, I had indicated that this week/cycle will be very crucial in giving hints/determining if the market could go down further or be the pivot point for the main/longer-term reversal upwards. I did not say exactly that but that's what I meant. On your OEX chart you have 458 as the top for this cycle(Fib line conjuction with trading channel), and the previous peak was at 463. Also the DJ30, your top is at about 7880, and the previous peak was at 8035. Now lets say that the market turns down at those junctions, if you were to project further out in your trading channel, the lower channel will be sitting right at the markets main support line. Whether that support line holds or not, will be the key as to the longer-term direction of the market. The test will come with the next immediate pullback, as long as we do not continue to run from here. That is why I feel this cycle will be the crucial cycle. If the DOW was to break 7880 to the upside, during this specific cycle then I would state that it would be the first major signal that we are reversing, but I don't think it will, since the NAZ, per my technicals are now clearly overbought. There is one slim possibility which may continue to push the NAZ up more and that is a strong rally in the SOX to start Tues, and it has to be a strong one, not a luke warm one(if I had to guess 10-15 points on Tuesday would be required). Otherwise the NAZ will top off and start its decline pulling the DOW down with it. Great charts, the FIBINOCCHI Lines/Trading channels are right in line with my TA analysis. Keep in mind that I do not use linear Trading channels at all, therefore such data/charts are confirming my suspicions from a TA system using a totally different set of indicators/data. Thanks again for letting us see your charts.