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Strategies & Market Trends : 123 Trends and Reversals
QQQ 629.07+0.5%4:00 PM EDT
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To: Michael Watkins who wrote (131)2/15/2001 8:58:59 AM
From: Ally  Read Replies (1) of 147
 
Thanks Michael, got what you mean regarding volume in wedge formation and breakout. However, I wonder how important a wedge formation is. Seems to me, a wedge can be drawn on each "retracement" from a trend. So in a downtrend, like the COMP is at now, one can draw a wedge formation on each bounce. For example, I could draw a wedge on the early December upswing. Then, because the downtrend is still intact, there would come a time where there'll be a breakdown off the wedge line. I wonder if there are too many geometry in TA rather than real telling patterns. Maybe that's why some say TA is more art than science. Do you read Franko Romano's TA analysis of hot charts in the Financial Post? It goes something like this... if it doesn't go up, then it'll go down <gg>
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