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As of 990721 the Dow Trans older Positive signal went to Negaitive.
(previously, the signal for Dow Transp was Positive since 990702
after having been Negative since 990521).
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The Fractal Retracements truely amazes all the time now, eg first the AEX broke
the Pivot (585.30) to the upside and halted exactly at the +1/8 (+12.5%) level (596.30)
(the AEX at 596.20 !!!) and now the AEX is correcting back to its last major breakout
level (@ 545) and has today come close to the -1/3 (-33.3%) level (556.10)
(the AEX low today at 557 !!!)
In the mean time the AEX also created a Rising Wedge with a resulting target level @ 553.
Also the RSI did not agree with the last move up, eg negative divergence between
the RSI's Highs and the AEX's Highs, and actualy the Price (AEX) is now confirming
the indicator's actions (RSI) and from the by RSI-indicator last made Horizontal Lows,
expect to see the correction to end soon/to bottom out.
Should the index wants to continue on correcting this way, eg exactly to the last major breakout
level (@ 545), then the next systematic support will be at the -1/2 (-50%) level (541.50), where
it will coinside with this short-term trend-channel's rising support line (one of a Median type) and
also with the inter mediate term's rising support line, and on top of it is creating jet another
Diamond (now #3). Previous Diamonds and also the Head+Shoulders patterns are all still valid,
therefore the set targets will not have to be adjusted.
See previous <same-subject-mails> and also
Subject: Diamonds - AEX update
Date: Mon, 19 Jul 1999 01:27:32 +0200
Regards,
Ton Maas
ms-irb@xxxxxxxxxxxxx
Dismiss the ".nospam" bit (including the dot) when replying.
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