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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: GROUND ZERO™ who wrote (16886)	2/27/1999 10:37:00 AM
From: Chip McVickar	Read Replies (3) of 44573

GZ, I've been studying Reversal Formations Also Reversal-Days The quick question was about reversal-days and if an interday price would work as well as a closing price to determin a reversal-day. I looked up the answer - NO. To complete any reversal pattern it must be a closing price and accompanied by the appropriate volume patterns. This remarkable pattern and trading range in the DJIA and SPC is in some ways a hudge coil....complete with trinagles, double/tripple tops and bottoms. Then add to this the daily volume and turnover rates needed to keep the structure going and there is one superb formation. In and of itself....it's a Correction. With little downward price movement. I suppose the markets could continue in this range for weeks more or until some Distinct News or Event changes it's course. I have no clue which way or how it will resolve.... But today I think it's 50/50 shaded to the Upside. Chip SPX iqc.com DJIA iqc.com

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