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The outside channel projections of the Hurst channels based
on a 170 bar period would support the possibility of a run
below the 26 level in early July.
But, for the current it looks like a run to 32 might be in store.
Clyde
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Clyde Lee Chairman/CEO (Home of SwingMachine)
SYTECH Corporation email: clydelee@xxxxxxxxxxxx
Details at: www.theswingmachine.com
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----- Original Message -----
From: "Gary Funck" <gary@xxxxxxxxxxxx>
To: "Realtraders@xxxxxxxxxxxx Com" <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, June 06, 2002 11:19 AM
Subject: [RT] FW: QQQ's - next target = 25? (NDX 1000)
>
>
> (I shouldn't be doing TA without a license, but here goes.)
>
> QQQ's are currently trading at 28.96. The 9-11 52-wk low is 27.20. Volume
is
> moderate.
>
> I think there's a decent chance of a "flush" at the 28 level which drives
> prices to 25 (or 1000 on the NDX).
>
> 1) we've seen consolidation at round (well, multiples of five) numbers
like 40,
> 35, 30 on the QQQ's, and after some consolidation, a failure, and a quick
move
> down to the next round number. In the current setting, the last place that
> people seemed to buy the break out was the 35 level (they've tried it
twice and
> it failed). 20% down from that level would be (35 - 7) => 28. This is
where the
> margin players will have a tough time, and we should expect to see high
volumes
> in the early AM, some day soon, and some further selling (assuming the
theory
> holds), which would drive prices down to 25 - the next natural place for
> consolidation and support.
>
> The lower neckline on the long-term NDX chart is at about 27.25, basis the
> QQQ's or just shy of 1100 on the NDX. The 1000 level (QQQ = 25) shows up
as the
> next line of support below the neckline break.
>
> To unsubscribe from this group, send an email to:
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>
>
>
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>
>
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