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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: ratan lal who wrote (17778)	5/1/1998 10:54:00 AM
From: SE	Respond to of 94695

I was just looking at my charts and this is what I see. It is quite a wide range, but I believe it still is of value. I see a H&S top being formed. To validate the pattern, we need a break of 8,900 on the DOW which would leave us with a target of 8,600 (at a minimum). A break of 9,200 would be significant as that would invalidate the pattern. Also, we have broken the up-trend line and are pulling back to the trend line before heading lower. This is normal and the trendline stands at 9,200 as well. So the 9,200 level is important for a couple of indicators. I believe this rally won't last, that 9,200 (or a reasonable variation thereof) shall hold and that we are heading lower. This is the last gasp. That with the new sentiment that this is the new bull market, the correction (what correction?) is over and you must be in before you miss it attitude will send us sharply lower...rather soon. We are not in a trading range, unless you consider this action the last few days and the next couple (maybe) a trading range. We are in a pull back to the trend line before heading lower. Simply normal market reaction to a break of the trend....Aren't disagreements about the direction of this puppy great! :) -Scott