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<P>Today (September 20, 2000) the close of the Dow Jones Industrial Average
broke down through semi-log support trendline which has been in existence since
December 9, 1994, and defined by the lows of that date and October 8, 1998. That
trendline has subsequently been confirmed by the bullish reversals upon touching
(and in one case penetrating intra-day) of mid March, 2000 (4 or 5 depending
upon one's parameters), the bullish reversal on June 30, 2000 at 10336, and the
two reversals of late July, 2000 (in one case penetrating intra-day).</P>
<P>Yesterday (September 19, 2000) the intra-day low sat on the support
trendline.</P>
<P>Today, the early morning rally failed shortly after the open and the DJIA
closed almost 90 points below the support trendline for the first time since it
was established by December 9, 1994, and October 8, 1998 (prior intra-day
violations having closed above and/or about the trendline). As well the
intra-day low today was about 210 below the trendline which is well outside of
the prior incidences.</P>
<P>On the basis of Edwards and McGee I take this to be very significant.</P>
<P>Although I do not understand astrological TA, I would mention that a Gann Fan
with the following parameters has been incredibly predictive of the market since
its start date.</P>
<P>Start Date 01/14/00</P>
<P>Start Value 11750</P>
<P>Rise –394.14</P>
<P>Run 22</P>
<P>Finally, I would note that I find the TSE 300 has as the top of its semi-log
trend channel in existence since 1980 – 1987 a value of approximately 11,800 at
this moment. Earlier in the last 2 months the TSE 300 came relatively closer to
that ceiling.</P>
<P>Regards,</P>
<P>Tony</P>
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