AI
Sunday, June 06, 2004 1:59:10 AM
It is quite possible that the trend reversal that is due will be a reversal of the overall trend since topping in January and not just of the most recent uptrend off of the 1865 low, but as of this moment I am in the camp that it will be a reversal of the current smaller uptrend that we are in (as I am sure you are aware had you read my cycle posting I sent). There are many forces at work and this market is gonna have to show me something to get me to change my current view, but if we do get that rally you are looking for I will gladly take it.
With that said, I have been watching for that handle on the COMPQ cup & handle I pointed out a while back to finish forming. Maybe the handle is fully formed or will be fully formed if we do get the down I think we are setting up for... As a side note, the top of 2150 to the bottom of the cup (say 1150) is 1000 points. If we revisit 1800-1840 that would be approximately 1/3 of the total move since March'03 and within the requirements for the handle formation. I am just not sure if the gaps in the 1840 area have been satisfactorily filled and could be ripe for a revisit.
Chart from May 14th
Current Chart
With that said, I have been watching for that handle on the COMPQ cup & handle I pointed out a while back to finish forming. Maybe the handle is fully formed or will be fully formed if we do get the down I think we are setting up for... As a side note, the top of 2150 to the bottom of the cup (say 1150) is 1000 points. If we revisit 1800-1840 that would be approximately 1/3 of the total move since March'03 and within the requirements for the handle formation. I am just not sure if the gaps in the 1840 area have been satisfactorily filled and could be ripe for a revisit.
Chart from May 14th
Current Chart
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