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Based on Don Fisher's DGL work, I have a Resistance formation (12/16/96,
2/19/96, 4/11/97) showing the L2 Support Channel at 863.91 for tomorrow,
10/28. The SPX Index closed at 876.70 which is only about 13 points away.
Since 4/11/97 this DGL formation has contained the SPX. In August the SPX
reached the L4 line in this formation, but since then it hasn't managed to
get back up there again. Now the SPX has almost come down to the L1 line
which will be 874.02 tomorrow. We'll have to see what happens.
Jay Poswolsky
P.S. Remember this is my interpretation and not Don's. Also, if this line
is penetrated, all bull bets are off.
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