|
PureBytes Links
Trading Reference Links
|
Bill
Well, we picked the selling point, just never got off waiting for one of our
confirming signals. First major move we've missed in 16 years. What a time
to be on the sidelines. At least we weren't long <G>.
Anyway, we were looking for an interim support today around 998-1000. Blew
through that. Our next support is 968. I was hoping we'd get a 60%
retracement back up so I could put on some of these short positions I've
been carrying around in my wallet <ggg>.
Our target for the DJIA on this move down was 7200 +/-. At that time, we'd
sit down and try to estimate where this might take us. I noticed Jerry
Favor had an initial Dow target of 7140 with his objective being 6000.
Regards
Guy
> -----Original Message-----
> From: owner-metastock@xxxxxxxxxxxxx
> [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Bill Saxon
> Sent: Monday, August 31, 1998 12:13 PM
> To: EMail List FastTrack; EMail List Metastock; David Vomund; Tom
> McClellan
> Subject: Is that support, or what?
>
>
> The S&P has intercepting support lines at:
> 1. The bottom of an uptrending Regression Channel originating in
> late 1994
> 2. The bottom of a downtrending Regression Channel drawn from
> the recent top
> 3. A 62% Fib Retracement of the gain since the panic intraday bottom on
> 10/29/97
> 4. The support at the level of the Inverse Head and Shoulders
> Breakout that
> started this intermediate uptrend on 1/30/98
>
> All of these are right at 985.
>
> If this doesn't hold we may very well be in a Secular Bear Market
> that may have
> a retracement of 40% (the average) if you place the start of this
> Secular Bull
> Market as beginning in 1982. This would be 5500 on the Dow.
>
> Pros and Cons appreciated
>
> Bill Saxon (not Robert Prechter)
>
>
>
|