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

To: bobby beara who wrote (4728)	1/26/1999 10:42:00 PM
From: HairBall	Read Replies (2) \| Respond to of 99985

Bobby and All: Well, I have got to call them as I see them. Did I see someone post that this thread is slow because we are bearish? NOT! I believe I have called both the up and down moves over the last six months. However, I did miss the last top as I was suspended and could not post it. Well we need to switch the focus from the DJI (Dow Industrials Actual Data) last rising wedge which was bearish and begin to focus on the latest formation: A falling wedge in a uptrend, which is bullish. The last bearish flag is contained with in this larger formation. Most often the larger formation rules. To view this formation look at the DJI (Dow Industrials Actual Data) 60-Minute Interval Semi-Log Chart. To view the upper descending trend line, connect the high of 1/11 @ 15:35 EST to the high of 1/23 @ 11:33 EST and extend to the right. To view the lower descending trend line, connect the low of 1/14 @ 14:30 EST to the low of 1/25 @ 9:30 EST and extend. Keep an eye on these trend lines. A significant move above the upper descending trend line would be the norm and would portend a continuation of the rally off the Oct 8 low. Keep in mind that the upper trend line, has room to adjust up slightly. A significant move below the lower descending trend line would be a negating break and would portend a trend reversal from the Oct 8 rally. After further analysis I have concluded that the rising wedge was a influencing formation but not necessarily a controlling formation because the DJI made a new high. Time will tell! The 50 day SMA has proven to be strong support. Now having said that, the COMPX (NASDAQ Comp) has an almost vertical rising trading channel since the Oct 8 low even on the Daily Semi-Log Chart. My Med/Lng Osc is extended well into uncharted territory. This portends a snap back of the COMPX soon. (Weeks maybe days.) Be prepared! The question is will the DJI have time for one more move up (not necessarily a new high) before the COMPX snaps back or will the DJI lead by negating this falling wedge and break against the norm. ** Monty if possible I could upload charts for both the IND (Dow Industrials Theoretical Data) and COMPX (NASDQ Composite) for all to see! (All Disclaimers Apply) BWDIK Regards, LG