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Attached, a weekly chart 1994-present. The lower long term trend line (at 734)
is a full -41% below the current level (1253). The intermediate term trend line
starting in 1996 was broken at about the 2400 level in Dec-2000.
The more interesting line is the top shoulder line at about 1300. It seems to
me that as long as we stay below that line, the down trend is in force. Above
that (32.50 on the QQQ's) it is probably best to have a long bias. A break
below the bottom shoulder line at 1100 (27.50 on the Q's) is a drop into no
man's land.
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