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RealTraders..
Below is my comment from last week re: top, timing and price range.
Applying the Multiple Time Frames technique set forth by Robert Krausz
in his recent book and TASC article of Nov 1996, I come up with 1164
(Wed close) as an S2 support level for the S&P 500 cash index. As the
trend is still up, I will look to go long upon confirmation; that confirmation
being a move above the average of the S&P 500 highs for the last three
days and placing a appropriate stop.
My earlier post was as follows...
Dennis,
In his book, 45 Years in Wall Street, W.D. Gann set forth a number of time
and price rules to forecast tops. Using his rules, a top could devleop
between now and the end of July with the S&P 500 cash index reaching
the 1180-1190 area.
Steve
Dallas, TX
>>> "Dennis L. Conn" <dconn@xxxxxxxxx> 07/14/98 11:22AM >>>
Hi all,
Unless I'm mistaken (a frequent occurrence lately), I believe Chris
Carolan
also gives July 28 as the date for a major top in the Dow in his book The
Spiral Calendar. I hadn't really given much credence to lunar cycles, but
Bob's post has me wondering. I don't know what the COT report is
regarding
short commercial positions in S&P futures, but if it's back up in the
stratosphere, I wonder if that would be enough to start a decline that
starts a panic - to whatever degree. Since I'm not involved with equities, I
wonder if someone could comment on all this. I've been led to believe that
from a technical viewpoint (and to some extent, fundamentally), trouble's
not far off in spite of the rosy picture that's been painted, but the doom
and gloom forecasts have been wrong thus far. Does anyone out there
believe
they may now be proven correct? If so or if not, what's your thinking?
Just curious,
Dennis C.
dconn@xxxxxxxxx
-----Original Message-----
From: BobRABCDEF@xxxxxxx <BobRABCDEF@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, July 14, 1998 8:23 AM
Subject: MKT - DOW
>According to the WinMidas software a DOW top is projected in 14 days
at
9346.
>This value will be adjusted as each days price and volume change until
price
>and the X coincide.
>
>BobR
>
>>> <BobRABCDEF@xxxxxxx> 07/22/98 11:16pm >>>
Reviewing the forecast from last week the customized WinMidas
approach using
cumulative volume had trading highs for the SPX on Friday and for the
DJIA on
Monday. As of the close on Wednesday both have essentially hit their
first
anticipated support. Using 980622 for the last support launch has
9077.60 as
an initial support target or taking the nearby launch point on 980616
support
would be 9023.95. If this support does not hold, then the next one down
is
8730. Details on the technique are available at
http://www.winmidas.com.(no
affiliation just curiosity).
BobR
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