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One more observation regarding this chart - remember my comment that long
moves which are unbroken with significant pivots represent strong
support/resistance when evaluating symmetry. Look at the left side of the
chart I posted on the NASDAQ composite and you will note a long run which is
not interrupted with pivots - this is the kind of support which is not
easily broken and quite likely explains why the decline met only the minimum
62% objective rather than the 200% objective. The "ideal" chart provides
regular series of relatively evenly spaced pivots up and down, however the
world of trading is seldom ideal.
Earl
----- Original Message -----
From: "EAdamy" <eadamy@xxxxxxxxxx>
To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, May 25, 2001 5:46 AM
Subject: Symmetry - Nasdaq
> One should keep in mind that we are only a few days from the highs and
that
> this could either be a correction in preparation to rally to another high
or
> the first leg down in a decline which will correct the entire rally. I am
> leaning toward the first leg down theory but only time will tell. If this
is
> the first leg down then we should expect that a significant portion of the
> decline will be retraces and those gap areas appear to be resistance.
>
> Attached is a 30 minute composite chart showing the symmetrical setups for
> the decline, the hit to the minimum objective and the rally back through
the
> red line which would normally be expected to represent strong resistance.
> Now, examine the high of the closing bar (2282.03) and look to the left
for
> an equal or lower pivot high. It is no accident that the pivot high at
1300
> NY time was 2282.01 - this is now the "rim" for a symmetrical rally with
> support at the 2256.44 pivot low.
>
> Earl
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