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My updated chart still shows NASDAQ within my downtrend channel (10).
Although the HTML version shows the close at the upper channel line, in
MetaStock EOD 6.52 it's just below it. In any event, NASDAQ needs to break
decisively above the upper line and then retest it before you can say we're in
a new bull market.
http://DLM.50megs.com/Nasdaq-Head-and-Shoulders-Revised.htm
Notice the ticker on the chart: "^IXIC." Even though I am subscribed to QP,
ironically for the NASDAQ charts I examine, I do not use QP for this and other
indexes. I am using Yahoo data which is free. I use Yahoo data for my
indexes because in many cases they go back further. For NASDAQ, Yahoo's data
goes back to Oct, 1984. Because of the severe bear market we had until
4/4/01, I had to use Yahoo's data so I could use long-term indicators such as
a 200 day ROC. I use QP for stock data. I'll will be looking for other
chart/price patterns for NASDAQ. If you have any suggestions, LMK.
Daniel.
> I created a revised chart of the NASDAQ which predicts a drop to 1,346.
> This is a more realistic figure and I believe more accurate. You can find
> the new chart here:
> http://DLM.50megs.com/Nasdaq-Head-and-Shoulders-Revised.htm
>
> If you are familiar with TA price patterns, LMK what you think. Do you
> think this is an accurate chart? Does anyone here use price patterns or
> do you only use MetaStock Explorations?
>
> This is the text in the chart:
> ======================================
> This is a logarithmic chart.
> 1. Red horizontal line is at 3,238.
> 2. Blue horizontal line is at 3,064.
> 3. Red vertical line extends down to 1,325.
> 4. Blue vertical line extends down to 964.
> 9. Brown vertical line extends down to 1,346.
>
> This is a revision of the chart which I first posted. I remembered
> another TA
> specialist used 2 lines at an angle for the base line in the H&S. I
> thought
> about this last night and I did the same. Line (2) is the first base line
> for the
> H&S. Line (8) is the second. Notice the retest at point (7). Line (9)
> is the
> length from line (8) to point (5), the head, straight up through the green
>
> arrow. The shoulders are at points (6). Line (9) extends down to 1,346.
> This is a more realistic figure and more plausible. Notice how line (9)
> is
> within the down-channel (10) farther into the future.
> ======================================
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