Re: [RT] INDU Chart

["Tony Pylypuk" <tpylypuk@xxxxxxxxxxx>]

Ralph,
 
Thank you for the chart.  Although I am of the 
opinion that semi log charts are more appropriate, enough technicians use 
arithmetic charts even on a long term basis to make them worth 
considering.
 
Regards,
 
Tony
 
 
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  ----- Original Message ----- 
  <DIV 
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From: 
  Ralph Volpe 
  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx 
  
  Sent: September 22, 2001 1:14 AM
  Subject: [RT] INDU Chart
  Tony: thanks for that chart. I'm going to begin working 
  with it and postsome thought over the weekend.As an alternative, 
  here's a long-term chart without a log axis. You'llnotice that the Dow has 
  broken through some serious support lines.However, I've inserted a tool in 
  the chart that shows Fib retracements.If you look at this, we are 
  approaching the blue horizontal bar, whichis the 50% retracement line. I 
  think this level will hold. That's about7800, which is about 400 points 
  lower. Keep in mind that this is amonthly bar chart and the last bar won't 
  be complete until next week. Myhope is that the last bar reverses and 
  reenters the down-slopingchannel, which is about the 8800 mark. My reason 
  for this is that pricealso broke above the channel at the beginning of 
  this drop but couldn'thold that level, so the channel was reentered. If 
  the channel isn'treentered, I think the 50% level will contain the drop. 
  If not, it'sapocalypse now! One more important thought. This is the Dow! 
  If youanalyze patterns with respect to the S&P500, a different view is 
  arrivedat. As always with the market, what's 
  right?--Ralph           
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