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

To: HairBall who wrote (4836)	1/28/1999 12:24:00 PM
From: donald sew	Read Replies (3) \| Respond to of 99985

Larry, >>>> I guess if no further adjustments are merited...if the Market goes up it was a "falling wedge" or a failed “descending triangle” and if the Market tanks it was a "descending triangle" or a failed "falling wedge"....<<<< Thats funny. We still have that little PENNANT, or whatever we want to call it, and it is still intact. The trendlines of the PENNANT are converging at approximately the pace of 30-40 per each trendline, so if the DOW stays below about 9360 today and about 9325 tomorrow, the PENNANT will be still intact. I am eyeballing it so those figures are only approximations. As previously mentioned the APEX of this PENNANT is around 9300 and arrives near tomorrow/Monday. If the market was to close right at these levels the SHORT-TERM technicals would be: SPX - approaching oversold OEX - " NDX - oversold range approaching a CLASS SELL NAZ - " DRG - " DOW - upper mid-range If the market continues up tomorrow my short-term technicals would be in or very close to a CLASS SELL category. Such would also be at the APEX of the PENNANT and various other juction points of the many chart patterns. Its getting very interesting. Get the feeling of that STAIR-STEP: TUES was up 120+, WED was down 120+, today so far its up 90. Hey Larry, there are also plenty of chart patterns in the other indexes especially the SPX. PITCHFORK, WEDGES, DESCENDING TRIANGES, PENNANTS - WHAT ELSE gggggggggg Seeya