Re: [RT] INDU

["Tony Pylypuk" <tpylypuk@xxxxxxxxxxx>]

With respect to the diamond formation, I initially accepted 
the 1994 support trend line as the lower right facet.  But it isn't very 
symmetrical and so I have chosen the lows surrounding but not including October 
18.02000 as the second anchor point (the first being the lows of March 8, 
2000).  If I am wrong, then the diamond has failed to predict 
movement.  If I am right it is yet to occur.
 
Regards,
 
Tony
<BLOCKQUOTE 
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
  ----- Original Message ----- 
  <DIV 
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From: 
  Tony 
  Pylypuk 
  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="mailto:realtraders@xxxxxxxxxxxxxxx";>RealTraders 
  Sent: February 18, 2001 12:34 PM
  Subject: [RT] INDU
  
  A chart and a comment.
   
  INDU remains within the right half of the big diamond and within the 
  bounds of the 3 ½ month wedge.  It is under increasing pressure from the 
  converging trend lines of the wedge, shortly to be compounded by pressure from 
  the resistance trend line from January 17, 2000 (the top of the diamond). 
  
  
  On February 16, 2001, INDU rebounded off the bottom of the wedge and an 
  intermediate fibonacci retracement (23.65%) of the 1998 &#8211; 2000 expansion 
  phase. The 21 day and 200 day moving averages are essentially (i) flat 
  (especially the latter), (ii) equal in value and (iii) within striking 
  distance of one day&#8217;s normal fluctuation.
  All of which reminds me of a spring compressed to its limits.
  Have a nice day. ( 
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