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Hello
We are not going to be able to mount a nice rally
only a dead cat bounce
aprox 100-150 nasdaq points from intra day low tomorrow to the next MAJOR
top,,
the decline that is coming will be 10-13% on nasdaq
aprox 5-8% on the sp500
the dead cat bounce should start tomorrow, p/c and volume is confirming
the short live rally,,
and so does the 5 and 8 day trin.
whatch down bellow
Ben
----- Original Message -----
From: "EAdamy" <eadamy@xxxxxxxxxx>
To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, June 14, 2001 9:24 PM
Subject: [RT] SpWeeklyAndDaily.gif
> Quite a bit of serious damage.
>
> a) Weekly failed to close above the blue 50% downtrend line which is drawn
> from the W.2 pivot high to the vertical intersection of the W.3 low with
the
> 50% retracement.
> b) Weekly failed to hold above the 94-98 trendline
> c) Weekly turned back right on the AGet blue channel (mostly hidden under
> the blue 50% trendline) which is a strong continuation signal for the down
> trend
> d) Daily accelerated through the typical w.C objective at 1227
> e) Daily zipped through the 1245 38% retracement level and left pivot low
> (upper red line) without managing to retrace close to the green horizontal
> resistance line (symmetry)
> f) Daily zipped through the Aget red channel which indicates a high
> probability of at least a 62% retracement (1193). This would violate the
W.1
> high (heavy red line) negating the impulsive EW counts.
> g) Hourly broke 3 significant support levels today without much of a
bounce.
>
> The left pivot (lower red line) and left gap together with the 50%
> retracement should offer some support here. What remains to be seen is if
a
> credible rally can be mounted back through the declining blue line which
is
> the 50% retracement line for the decline - I am doubtful this will happen.
> This has more and more of the earmarks of having been a bear market rally!
> Nominal new lows appear likely.
>
> Breadth models are confirming this decline and VIX has barely started
north.
>
> Earl
>
>
>
>
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