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I posted this little chart somewhere a few weeks ago, probably another list.
The monthly thrust reversal argues for a major reversal. The bottom of the
channel is currently at 9570 and this week declined to 9814 so there is
still some wiggle room. What is very much worth noting, however it that the
NYSE composite did ABC's ad nauseam until it suddenly cracked into what I
believe will prove to be a w.3 decline - see NYSE weekly chart which I
posted.
During the past couple of weeks, so many support areas have been broken on
the daily charts that my only solution was to move up in time frame to
weekly and monthly charts for guidance.
Earl
----- Original Message -----
From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
To: "Real Traders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Saturday, March 17, 2001 4:54 PM
Subject: [RT] DJI weekly
> DJI (Dow) close on 3-16-01 was 9823 with a low of 9818.
>
> With all this sideways action in the DJI my daily charts are useless
> presently until we move out of this consolidation, so I have gone to a
> weekly chart.
>
> The first chart attached is in Original count and does not say allot other
> than a Wave 1-2-3-4-5 is in and allot of ABC's have appeared. Note the
5/35
> oscillator did go below 1.4 briefly on 3-3-01 which perked my curiosity to
> take a look at Long Term count (thinking that point might be a wave C of a
> Wave 4 ABC correction possibly (and maybe a wave A of a Wave 4 too),
meaning
> the Wave 4 would move over and that the 5/35 crowd lost control briefly.
It
> would also mean that this is a Wave 3 top not a Wave 5?
>
> The second chart in Long Term count and the 10/70 oscillator shows a very
> different picture. The Wave 5 becomes a Wave 3, an ABC Wave 4 appears at
the
> 10-20-00 low and thus opens up the "possibility" that the recent drop is
> just minor wave 2 of Wave 5 up?? Also few years back AGET tech support
told
> me to switch to Long Term count when "allot of ABC's appear". Is it
possible
> the worst may be over there as well??
>
> On thing for sure we will know soon since the Wave 4 low of 9654 made in
the
> week of 10-20-00 should hold. This is just a possibly anyway and maybe a
bit
> of a reach too (?) but worth watching anyway in case it unfolds and that
> 9654 low "holds". If not "bombs away" for the DJI (Dow)?
> don ewers
>
>
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>
>
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>
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Attachment:
Description: "DjiaMonthlyThrustReversal.gif"
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