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Harold,
Your posts were cool. Just a word, more as a request. Please reduce
the size of your images, as we cannot take them in at a glance, even
with 1024 x 768 resolution.
Thank you.
Dusant
--- In equismetastock@xxxxxxxxxxxxxxx, hcour <no_reply@xxxx> wrote:
> Naz Daily
> http://tinyurl.com/eagh
>
> Naz Weekly
> http://tinyurl.com/eagi
>
> Naz 3 Channels
> http://tinyurl.com/eagk
>
> Some Wyckoff pv analysis of the Naz. (The links should work but you
> may have to join Yahoo Briefcase to view them, it's free.)
>
> From the start of the uptrend channel Mar, Apr, and mid-May up vol is
> generally greater than down and there are many strong up days on long
> spreads closing on the highs w/nice price progress, while down days
> on the reactions tend to be on lower vol, narrower spreads, and/or
> shallow price retracement.
>
> Then 5/27 a wide spread closing on the high on strong vol that closes
> just above the 5/15 high, which itself was the all-important break
> above the 12/02 high. This is very positive of course, but look at
> the following 3 days, all up, but on very narrow spreads and
> increasingly high vol. 5/27 gains about 50 points in one day, yet
> those next 3 bars are hardly able to gain that much in total, despite
> the massive vol. This represents great effort (vol) with little
> result (price gain) and was perhaps a warning of an exhaustion move.
>
> On 6/6 of course is a classic looking reversal bar, but then we've
> had those before. But certainly the massive vol and wide spread
> closing on the low seems to confirm that earlier weakness.
>
> After the previous high on volatility (at a possible Buying Climax)
> we may be cycling to a more quiet period. Volume has dropped off
> considerably and price appears to be consolidating. Note this week
> price unable to make a new high or even hold above the 6/05 close
> once again.
>
> Looking at the weekly, the week of 6/06 is a breakout of the
> downtrend channel on massive volume, but closing in the lower half of
> the range. (This is now the 3rd progressively milder downtrending
> channel that has been broken on the Naz since the start of the Bear
> market. See chart.) This week's bar an almost perfect doji,
> reflecting the low-volatility, consolidation period. Also note the
> longer-term horizontal s/r we're approaching at 1720ish.
>
> Candlesticks are especially helpful on the weekly charts. Note the
> how many times narrow bodies, even with long shadows, are soon
> followed by strongly trending bars with wide bodies. We now have 2
> very tight bodies in a row on the weekly as price consolidates.
>
> Harold
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