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Judging by the close and charts I watch, I suspect more see sawing
but with an upward bias.
John
------------------ Reply Separator --------------------
Originally From: "Hill, Ernie" <ernie.hill@xxxxxxxxxx>
Subject: RE: [RT] Prognosticators Anomymous
Date: 07/23/2002 09:41pm
So far the market is holding up, that is to say it is not crashing.
Right
now the market stands at the edge of the cliff right at the
crossroads of a
brief but possibly strong rally, and slipping into panic selling
crash mode.
Tomorrow's key levels are 791.55 and 780.
791.55 represents a 1.618 Fibonacci extension of the move from the 5-
17 high
to the 6-14 low as measured from the 7-8 high. I have previously
posted the
Fibonacci relationships associated with the 780 level.
The market could find support at either one of these two levels which
could
spark a brief two to five day rally. If this rally does take place it
will
likely be only an interruption to the current powerful down trend. If
the
780 level fails to hold support tomorrow there could be full scale
panic
selling.
I do not think that will be the case. First off my timing model is
calling
for a short term bottom to be made tomorrow +or - 4 trading days.
Secondly
the 780 level appears to be a very strong support level, and finally
it
looks like we are completing a short term corrective pattern on the
hourly
chart that often precedes reversals.
E
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