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<DIV><FONT face=Arial size=2>On 12/5/99 I posted the following forecast
regarding the DJIA:</FONT></DIV>
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<DIV><FONT face=Arial size=2>"In summary there is evidence that this move up
could incur significant resistance at the current levels due to (a) the
resistance of the 8/24 top, (b) the fib. expansions of the previous
retracements. However, there is also evidence to support an expectation of only
a minor retracement from here and then a continued move up to the 11,800 -
12,000 level by 12/14. "</FONT></DIV>
<DIV>While my timing was obviously wrong, the attached chart shows how close we
came to the forecast area Note that the DJIA moves in energy levels of 240
points and topped out close to 49 X 240.</DIV>
<DIV>Now it is of interest to speculate how far down the DOW will go on this
bear run. The chart shows a minimum expectation of 10430. Note that retracements
often end at 50% of the energy level which is 10440. Let's watch to see if the
market follows this scenario</DIV>
<DIV></FONT></FONT><FONT face=Arial size=2>Jim White<BR>Pivot Research &
Trading Co.<BR>pivottrader.com</FONT></DIV></DIV></DIV></BODY></HTML>
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