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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (862)	12/8/1998 9:28:00 AM
From: Ramsey Su	Respond to of 99985

LG, I am obviously referring to the old TSO crowd. Ramsey

To: HairBall who wrote (862)	12/8/1998 10:46:00 AM
From: donald sew	Read Replies (1) \| Respond to of 99985

LG, I am still sticking to my orignal position that a short-term high should be reached WED/THU/FRI of this week. I also indicated that if the market was to take a ZIG-ZAG pattern, the top would occur closer to the FRI, and could extent into next MON. If the market was to head up strong then the short-term top should occur sooner(WED). Yesterday the DOW did not get to 9100 but was only a few points shy, so I will consider that as fulfilling the minimum requirements of this rally(9100). The DOW, so far got as low as 9016, which I believe is still within the BEAR FLAG you outlined previously. So the STAIRSTEP is still developing and is taking on the form of a rising FLAG. Larry, I think you already mentioned it but dont remember. The pole of the FLAG appears to be about 400 points, so if this FLAG does resolve to the downside, the downside potential would be equal to the pole (about 400 points). If the top of this flag is in the 9100-9200 range then the potential downside should be in the 8700-8800, and there is a strong support in that area. LG - you are more experienced with these flag pattern - am I in line with the potential of the BEAR FLAG. If this rally does resolve to the downside in the 9100-9200 and we do drop to the 8700-8800 range, that would produce a cycle consisting of a LOWER HIGH and a LOWER LOW, which is a negative for the market. I do not think that this rally is over, but still feel that this rally will be limited to the 9100-9200 range. My short-term technicals for the overall market per yesterdays data, is in the mid to upper-mid range. (DOW=48, SPX=75, NAZ=85, NDX=87). Seeya