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

To: Lee Lichterman III who wrote (5374)	2/3/1999 10:16:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

Lee: Look at my Dow Chart. I have a Pitchfork that is in tine...<g> Points are Low 12/14, High 1/8 and Low 1/22. Regards, LG

To: Lee Lichterman III who wrote (5374)	2/4/1999 12:48:00 AM
From: Lenny Rosow	Read Replies (2) \| Respond to of 99985

Lee - I just took a look at the SPX March chart. It seems to show a classic ascending triangle. A breakout above 1290.50, the horizontal top boundary line, would be bullish with a target of 1376.50 (1290.50- 1204.50 = 86.00 then added to 1290.50). Just draw a line parallel to the upward sloping bottom boundary from the top of the first rally that initiated the pattern. This line slopes up and to the right. Prices will ordinarily move up until they reach this line. Breakouts are usually accompanied by an increase in volume. In Elliott Wave speak we are either in two scenarios which is why you may be getting such different points of view. Scenario #1 - We are in the 5th and final wave with a top between 1355 and 1385. This scenario would be in force if the SPX can take out it's previous high of 1290.50 on 01/08/99. Scenario #2 - The 01/08/99 high of 1290.50 was the wave 5 top and we are now in a corrective wave. This scenario would be in force if the SPX can take out it's previous low pivot of 1204.50 on 01/15/99. I'm a newbie and this is just my 2c. Great posts on this thread. Regards to all - Lenny