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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Bretsky who wrote (29826)	5/22/1999 2:06:00 PM
From: Doug R	Respond to of 79454

Bretsky, I use the 13 dRSI by drawing a series of lines from the low of the previous correction along the significant lows that follow. I usually get 5 lines each time and the activity of the indicator while above or among those lines can be used to get a good feel for the market. When the indicator breaks below the lowest of the 5 lines, the next correction can be said to be well under way and likely about to get nasty. About 5 weeks ago, the activity of the indicator among the lines suggested a correction was in the early stages. This is characterized by a series of movement where the indicator will break below a support line, fall to the next one, bounce off it and hit the previously broken line. When it gets stiff resistance from that line it then falls and breaks below the line that was just used as support. Now it appears we're entering the meat and potatoes stage of it.....where everyone finally gets a clue that it's actually happening. And IBM has a 2:1 split scheduled right into the teeth of it. Doug R