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Wouldn't you think that 12.000 (11896) is currently be a more precise
Channel Top?
The attached chart is Monthly and Relational Relative (eg all price moves
are equaly calculated + displayed).
A Diamond exactly matches and fits the lower Horizontal Trend Channel, eg
the former Trading Range 9648 - 7400 (=2248).
>From this Diamond and the Horizontal Trend Channel's lower channel, the
recent outbreak's maximum target will be the Top of the upper channel at
11896 (=9448 + 2248) , this Top also coincides with the Long Term UpTrend
Channel's Top resistance line (since 1980 and prior !).
Regards,
Ton Maas
ms-irb@xxxxxx
----- Original Message -----
From: Guy Gordon <gordon@xxxxxxxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: donderdag 15 april 1999 4:43
Subject: Warning: Dow at top of channel.
> This chart should scare the bejesus out of us all.
> http://www.white-crane.com/stocks/DOW.gif
>
> It's a weekly chart of the DOW 30 Industrials from 1982 to present.
> There is a *well* defined channel that we hit the top of today.
> This channel top was hit in at these times:
>
> August 1987 - declined from 2750 to 1616 (-41%)
> August 1997 - declined from 8300 to 7000 (-16%)
> April 1998 - declined from 9300 to 8600 (-8%),
> Then climbed to back to 9300 before falling to 7400 (-20%)
>
> Now, I'm not Chicken Little. I'm a long term bull. But this is
> warning me to get out of this market for while. I think the
> fundamentals of this market are strong (low interest rates and big
> cash inflows.) So I don't expect a big correction. I just don't want
> to be in for even a small one.
>
> In the last few days I've sold HD, WMT, MWD, NITE, PFE, VISX, CYMI.
> I'm hoping for a bounce tomorrow so I can sell some others.
>
> Good luck.
>
Attachment Converted: "c:\eudora\attach\DowMnthly.gif"
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