Go to Jeff Salisbury LWGate Home Page.From: "Duke Miller" <dukemill@tampabay.rr.com>
Subject: RE: [CANSLIM] M longer term
Date: Thu, 23 May 2002 11:07:14 -0400
Next Article (by Date): [CANSLIM] M data point Eric Jaenike
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This is a multi-part message in MIME format. - ------=_NextPart_000_002A_01C20249.FEE8C110 Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit This time, E, you BETTER be right!!! :) Duke - -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com] On Behalf Of Hill, Ernie Sent: Thursday, May 23, 2002 12:06 AM To: 'canslim@lists.xmission.com' Subject: [CANSLIM] M longer term HI group, I am trying to send a chart of the weekly S&P I hope it works out. Normally my technical focus is on a much shorter time frame, but when I saw that we might be about to complete the correction of the move from 9-21 to 1-9, I thought I would take a little longer term perspective. In this chart I have drawn a trend line from the bottom of the first move down from the March 2000 high connecting lows made in March of 2001 and September of 2001. I have also drawn a trend line from the top of the first upward reaction to the initial down move from the March 2000 high and connected it to the high made in May of 2001. As you can see these trend lines clearly define the trading channel of the bear market. Looking at this chart the first indication we have that the bear market is over, is the penetration of the top trend line and the fact that the market has traded outside the bear market channel for most of this year. My current time frame for the next low turning point is within four days of 6-4. This time frame will be reached on this chart in the next two to three bars. Notice where my target price range (1034-1027) for the next low turning point falls on this chart. If during the time frame of the next two to three bars my projected price range is met it will fall just above the upper trend line. From an Elliott wave standpoint the move from 9-21 to 1-9 could be interpreted as a wave one impulse wave, followed by a simple A-B-C zig zag correction as labeled on the chart. With the "C" wave terminating at my projected low turning point, completing impulse wave two, and setting the stage for impulse wave three to begin. Three waves are usually dynamic in nature and longer in duration than one and five waves. In conclusion what I see in the chart patterns and in my analysis is the early dynamic stages of a new "BULL" market. If my projected low turning point is made in the target price range that I have forecast it will complete a very neat technical package, which I believe will usher in happy times for CANSLIMer's as well as anyone else who is long in the market. E PS: If you missed what I posted yesterday about M this post will be harder for you to follow as it is a follow up to yesterday's analysis. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - ------=_NextPart_000_002A_01C20249.FEE8C110 Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META HTTP-EQUIV=3D"Content-Type" CONTENT=3D"text/html; = charset=3Dus-ascii"> <TITLE>Message</TITLE> <META content=3D"MSHTML 6.00.2716.2200" name=3DGENERATOR></HEAD> <BODY> <DIV><SPAN class=3D811400615-23052002><FONT face=3DArial>This time, E, = you BETTER be=20 right!!!</FONT></SPAN></DIV> <DIV><SPAN class=3D811400615-23052002><FONT = face=3DArial></FONT></SPAN> </DIV> <DIV><SPAN class=3D811400615-23052002><FONT = face=3DArial>:)</FONT></SPAN></DIV> <DIV><SPAN class=3D811400615-23052002><FONT = face=3DArial></FONT></SPAN> </DIV> <DIV><SPAN class=3D811400615-23052002><FONT = face=3DArial>Duke</FONT></SPAN></DIV> <BLOCKQUOTE style=3D"MARGIN-RIGHT: 0px"> <DIV></DIV> <DIV class=3DOutlookMessageHeader lang=3Den-us dir=3Dltr = align=3Dleft><FONT=20 face=3DTahoma size=3D2>-----Original Message-----<BR><B>From:</B>=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]=20 <B>On Behalf Of </B>Hill, Ernie<BR><B>Sent:</B> Thursday, May 23, 2002 = 12:06=20 AM<BR><B>To:</B> 'canslim@lists.xmission.com'<BR><B>Subject:</B> = [CANSLIM] M=20 longer term<BR><BR></FONT></DIV> <P align=3Dleft><FONT face=3DArial size=3D2>HI group,</FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>I am trying to send a = chart of the=20 weekly S&P I hope it works out. Normally my technical focus is on = a much=20 shorter time frame, but when I saw that we might be about to complete = the=20 correction of the move from 9-21 to 1-9, I thought I would take a = little=20 longer term perspective.</FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>In this chart I have drawn = a trend line=20 from the bottom of the first move down from the March 2000 high = connecting=20 lows made in March of 2001 and September of 2001. I have also drawn a = trend=20 line from the top of the first upward reaction to the initial down = move from=20 the March 2000 high and connected it to the high made in May of=20 2001.</FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>As you can see these trend = lines clearly=20 define the trading channel of the bear market. Looking at this chart = the first=20 indication we have that the bear market is over, is the penetration of = the top=20 trend line and the fact that the market has traded outside the bear = market=20 channel for most of this year.</FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>My current time frame for = the next low=20 turning point is within four days of 6-4</FONT><FONT face=3DArial=20 size=3D2>.</FONT><FONT face=3DArial size=3D2></FONT> <FONT = face=3DArial=20 size=3D2>T</FONT><FONT face=3DArial size=3D2>his time frame will be = reached on this=20 chart in the next two to three bars. Notice where my target price = range=20 (1034-1027) for the next low turning point falls on this chart. If = during the=20 time frame of the next two to three bars my projected price range is = met it=20 will fall just above the upper trend line. </FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>From an Elliott wave=20 standpoint</FONT><FONT face=3DArial size=3D2> the move from 9-21 to = 1-9 could be=20 interpreted as a wave one impulse wave, followed by a simple A-B-C zig = zag=20 correction as</FONT> <FONT face=3DArial size=3D2>labeled</FONT><FONT = face=3DArial=20 size=3D2> on the chart.</FONT> <FONT face=3DArial size=3D2>With = the</FONT> <FONT=20 face=3DArial size=3D2>"</FONT><FONT face=3DArial = size=3D2>C</FONT><FONT face=3DArial=20 size=3D2>"</FONT><FONT face=3DArial size=3D2> wave terminating at my=20 projected</FONT> <FONT face=3DArial size=3D2>low</FONT> <FONT = face=3DArial=20 size=3D2>turning point</FONT><FONT face=3DArial size=3D2>, completing = impulse wave=20 two, and setting the stage for impulse wave three to begin.</FONT> = <FONT=20 face=3DArial size=3D2>Three waves are usually dynamic in nature and = longer in=20 duration than one and five waves.</FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>In conclusion what I see = in the chart=20 patterns and in my analysis</FONT> <FONT face=3DArial size=3D2>is the = early=20 dynamic stage</FONT><FONT face=3DArial size=3D2>s</FONT><FONT = face=3DArial size=3D2>=20 of a new</FONT> <FONT face=3DArial size=3D2>"</FONT><FONT face=3DArial = size=3D2>BULL</FONT><FONT face=3DArial size=3D2>"</FONT><FONT = face=3DArial size=3D2>=20 market. I</FONT><FONT face=3DArial size=3D2>f my projected low turning = point is=20 made in the target price range that I have forecast</FONT><FONT = face=3DArial=20 size=3D2> it will complete a very neat technical package, which = I</FONT> <FONT=20 face=3DArial size=3D2>believe</FONT><FONT face=3DArial size=3D2> will = usher in happy=20 times for CANSLIMer</FONT><FONT face=3DArial size=3D2>'</FONT><FONT = face=3DArial=20 size=3D2>s as well as anyone else who is long in t</FONT><FONT = face=3DArial=20 size=3D2>he market.</FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>E</FONT></P> <P align=3Dleft><FONT face=3DArial size=3D2>PS: If you missed</FONT> = <FONT=20 face=3DArial size=3D2>what I posted yesterday</FONT><FONT face=3DArial = size=3D2> about=20 M</FONT> <FONT face=3DArial size=3D2>this post will be harder for you = to follow as=20 it is a follow up to yesterday</FONT><FONT face=3DArial = size=3D2>'</FONT><FONT=20 face=3DArial size=3D2>s analysis.</FONT></P> <P align=3Dleft></P><CODE><FONT=20 = size=3D3><BR><BR>********************************************************= **********<BR>This=20 email and any files transmitted with it from the ElPaso = <BR>Corporation are=20 confidential and intended solely for the <BR>use of the individual or = entity=20 to whom they are addressed. <BR>If you have received this email in = error=20 please notify the=20 = <BR>sender.<BR>**********************************************************= ********<BR></BLOCKQUOTE></FONT></CODE></BODY></HTML> - ------=_NextPart_000_002A_01C20249.FEE8C110-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". 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