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I totally agree Tom. Looking at each of the major indicators with a
5% ZigZag indicator can help to see these patterns (Keeping in mind
that the last "zig" does not represent a true 5% change).
FWIW, here's what I see the major averages doing right now:
If the S&P500 closes below 900 it would be very significant because it
would complete the Head & Shoulders topping pattern that Tom
indentified.
Looking at the Dow Industrials, if it closes below 7600 it will break
a significant support level - possibly the base of a descending
triangle.
3000 is the key support level for the Dow Transports - also in a
possible descending triangle. The Dow Utilities are in a strong long
term uptrend using 240 as a base support level.
Looking at the NASDAQ, 1550 is the key level. 420 is key for the
Russell 2000 which seems to be in a steep descending triangle.
Annotated charts provided upon request.
Chip
Wireless in Seattle via Ricochet
---Tom Barry <tombarry@xxxxxxx> wrote:
>
> Greatelto@xxxxxxx wrote:
> >
> > Tom....
> >
> > Which one....a top or a bottom? Show your figures please.
> >
> > Jerry
>
> Jerry ;
>
> Take a look at the SP-500 ---
> Left Shoulder --- Aug 6, 1997
> Head --- Oct 7, 1997
> Right Shoulder -- Nov ?
> Neckline --- 900
>
> Its just something to keep an eye on.
>
> Tom
>
>
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