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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 (650)	2/10/1998 11:10:00 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 745

Yes, GZ I used the reversal week as my first attempt 1/9 was the second low. Immediately saw the gap and bounce upwards. Then I used 1/23 as the second low. So....9 days between two lows 1/9 -- 1/23 At the latest high of 2/6 (8255 interday/close = 8189) count forward 9 days place a mark...draw a support line off the second low 1/23. Question: Why was the one day drop on 1/30 not another low to be plotted..? What determines a new low...three day drop...% decline...point decline..? Is there any fast rule..? I will go back and play with it.... Thank You for your patience. Chip

To: GROUND ZERO™ who wrote (650)	2/10/1998 11:17:00 AM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 745

Hi GZ, >>BTW, look at the two previous lows using the 1/9 low as the second of the two lows, you will see that the low of the 1/23 came right to that support line. Play with it, and you will discover that markets tend to gap over the line. Yes, amazing. Looks like the NASDAQ is rallying again today. The support line on my graph for this index is around 1625. Does this agree with you approximate point. I have enjoyed your class on fork charting, Thanks and have a good day. Looks like the rally continues. Joan