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Jim, see attached snap from Gann Trader. Next Dow support on weekly chart
is:
The green horizontal 2/3 line at 7400 [intermediate support]
the red horiz 5/8 line is at 7200 [strong support]
the magenta 1x4 at 6775 [intermediate support]
The horizontal red dashed line at 6550 is 50% retrace from July high and Dec
1994 low. This is major make or break support.
Your 400 more points to next support is close to the first strong support on
my chart at 7200.
The 1x2 and the 1x3 Gann angles have defined the uptrend since the end of
1994. If this week ends with the DJIA below the green 1x3 Gann Angle, this
will have been the most important Dow week since 1994 with the possible
exception of Jul 1996. If you extend the analysis back to 1987, this week
may even be more ominous. I speculate the green 1x3 angle or the green 2/3
horiz line will hold and may be the real significant support.
Al Stephens
astephen@xxxxxxxx
> -----Original Message-----
> From: owner-metastock@xxxxxxxxxxxxx
> [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Jim Greening
> Sent: Monday, August 31, 1998 7:10 PM
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: Weekly Pick
>
>
> Harley,
> I don't see any support for another 400 Dow points. Having said
> that, watch for the rally tomorrow <G>.
>
> Jim
> -----Original Message-----
> From: Harley Meyer <meyer@xxxxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
> Cc: Alan Kwong <alankwong@xxxxxxxx>
> Date: Monday, August 31, 1998 4:01 PM
> Subject: Re: Weekly Pick
>
> ...........
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