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Hi all,
Chart below shows recent bottoms with
the 30 and 60 day cycles - along with the Hurst channels on the daily chart. the
channels an idea of support and resistance, also aid in the forecasting.
Extrapolating the channels forward, and assuming the recent cyclic 'rhythms'
will continue, and we get an idea of what a possible path may look like going
forward. fairly critical short-term resistance is near the 870 region - the 50
day average on the daily chart. The 60 day cycle channel confirms this
assessment. If it holds, and the recent swing lows are taken out, the next move
could be a test of the October 2002 lows - ideally coming in the next 15-20
trading days.
jim
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