Re: [RT] Diamonds Were Forever

["Steven Schroeder" <sgs33@xxxxxxxx>]

Stig...have liked your calls since you posted the Dow/SPX top 
early in the year...
 
Hope you have made money in the downtrends from their 
highs.
 
Technically...Weekly/Monthly SPX/NDX are bearish...more ndx 
than spx...
 
I think alot of trader's don't really want to step back from 
their charts and take a realistic look at the levels below here that we have a 
high probability of reaching.
 
My opinion only,
 
Steven 
<BLOCKQUOTE 
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  -----Original Message-----From: 
  "Stig O" <<A 
  href="mailto:olausson@xxxxxxxxxx";>olausson@xxxxxxxxxx>To: 
  <<A 
  href="mailto:realtraders@xxxxxxxxxxx";>realtraders@xxxxxxxxxxx>Date: 
  Saturday, October 14, 2000 5:53 PMSubject: Sv: [RT] Diamonds 
  Were Forever
  
  I'm 
  no expert but it looks to me if you only look at this chart with no other 
  knowledge that the move could be over here or anywhere down to just below the 
  old lows.
  <FONT face=Arial color=#0000ff 
  size=2> 
  <FONT face=Arial color=#0000ff 
  size=2>Jimmy
   
  That's one way of looking at it. Just looking 
  at the chart.
  Another way is to look at 
  the pattern the lines form. In this case they are forming what some people see 
  as a Diamond.
   
  In John Murphy's book, "Technical analysis of futures 
  markets" we can read on  p153: The diamond formation is another relativly 
  rare pattern thast usually shows up at market tops"
   
  further down on the page he repets and emphasises "..IS MOST 
  OFTEN SEEN AT MARKET TOPS"
  And further down "Normally the breakdown will see an 
  increase in trading activity"
   
  Now, with the decisive break we saw this week, there is no 
  doubt in my mind that we have seen the top in the Dow.
   
  And remember, a break is often followed by a test of the 
  broken trend line, in this case back UP to the line and then the main 
  direction should be down.
  So this should be a good selling oportunity for those caught 
  on the wrong side.
  Stig
   
  stig
  
    <FONT face=Tahoma 
    size=2>-----Original Message-----From: Stig O 
    [mailto:olausson@xxxxxxxxxx]Sent: Saturday, October 14, 2000 2:51 
    PMTo: realtraders@xxxxxxxxxxxSubject: [RT] Diamonds 
    Were ForeverIsn't this a beautiful diamond? 
    A weekly chart of the Dow.Please note the parallell lines.This 
    is what I call a Break Out!Or "Down" if you like...... A retracement 
    rally (steep and scary) and down we go!Or?Other 
    suggestions?stigTo unsubscribe from this 
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