|
PureBytes Links
Trading Reference Links
|
RT'ers,
There are a lot of people waiting for the big drop in mid october so
that they can buy at bargin prices. There are billions sitting on the side
lines in mutual funds in cash waiting for the fall selling season to end. What
if......it doesn't occur ??????? Suppose that the market goes up from here to
a 61.8% correction of the down move. Will every one jump in In late October or
early November for the anticipated Santa Claus rally?
Just a thought
Mitch
owner-realtraders@xxxxxxxxxxxxxx wrote:
> NOTE: This is a reposting of a previous message in which the graphics
> may not be visible to some.
> ____________________________________________________________
> 10/13/98
>
> I just wanted to share some recent analysis with my fellow RT'ers.
>
> Using a combination of tools including fractal and pattern analysis,
> trend lines, cycles, and Nature's Pulse, I've concluded that the DJIA
> should go below 7000 by October 16th or 19th (intra-day basis). An
> expanding downward sloping wedge could make downward moves extremely
> violent in the coming days and weeks. Kindly refer to the attached
> chart.
>
> Fractal #3 is twice the size of #2...which is twice the size of #1.
> Expect fractal #3 to repeat the shape of #2 and #1...at least until it
> hits resistance below 7000. It is possible for the final leg of fractal
> #3 to extend down to 5900 around 10/25, but unlikely. I expect that the
> multiplicity of support lines in the 6650 to 7000 region will "break"
> the last leg of the fractal preventing it from finding the level it
> would naturally seek. I also expect the 10/16 Nature's Pulse energy
> point will be a bottom. The 10/16-19 date intersects the final fractal
> leg at 6769 where it finds support on a downward sloping trend line. I
> do not expect this line will be significantly violated until possible
> late in October or mid November.
>
> Note that fractal #1 is 12 days (almost 13 days), #2 is 27 days (double
> of #1). #3 is expected to be 54 (double of #2) which terminates on
> October 25th. Also note that a 76 day cycle that has been prominent in
> the Dow for years bottomed on September 1st. This was also the bottom of
>
> a 38 day cycle. That 38 day cycle bottomed on October 8th...almost the
> same time that the 76 day cycle was about to peak!!!! No wonder we saw
> such a tremendous run-up from the 8th to the 12th of October. Price
> action on October 13th confirmed the 76 day cycle peak of the previous
> day.
>
> A strong upswing above 8084 is highly unlikely as the 8100 to 8200 level
>
> has been tested three times in the last month. This level represents a
> 38% retracement from the July peak to the September 1st bottom. Such
> retracements often launch extremely powerful moves...and I full expect
> to see this by the end of the week and/or October 19th.
>
> Finally....if there is any doubt as to which way prices will ultimately
> turn, the break of the long-term support line on August 27th should
> resolve any doubt.
>
> Any comments on this analysis? I realize that this or any other analysis
>
> can be wrong...and only the market itself is always "right".
>
> Andre
>
>
>
> ---------------------------------------------
> Attachment: dowfcst.gif
> MIME Type: image/gif
> ---------------------------------------------
Mitch Ryder
Ynos@xxxxxxxxxxxx
____________________________________________________________________
More than just email--Get your FREE Netscape WebMail account today at http://home.netscape.com/netcenter/mail
|