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Apologies to all. The chart which was attached is not
the 100 year chart but the and extract of it from 1968 to the
present.
Tony
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style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Tony
Pylypuk
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx">RealTraders
Sent: September 21, 2001 10:11 PM
Subject: [RT] INDU
Since INDU has forcefully broken through its 20 year support
trend line, I took another look at the 100 year chart. It is
attached.
Assuming the downward movement is not yet over, a
logical resting point is in the range of 7300 to 7600 where the 50% Fibonacci
retracement lines for the movement from 1932 and 1982 sit,
respectively.
As well, the mid-line of the channel defined by the lows of
1932 and 1982 intersects that 7300 - 7600 range over the next several
months.
Beyond that point, the attached chart seems to suggest a
head and shoulders formation of century proportions in the making. I
don't have INDU volume data available to me, but NYSE composite data suggests
heavier volume in the region of the head. Of course without the full
retracement to a neckline (at 7500 or otherwise) and the subsequent
commencement of the right shoulder, volume is ambiguous.
Also attached is a shorter term TSE 300 chart of its head
and shoulders. The measurement from the head to the neckline of (2900)
when subtracted from the neckline at 8500 is approximately 5600.
All of which is FWIW.
Regards,
Tony To
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