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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Henry J Costanzo who wrote (25393)12/5/2001 1:17:04 PM
From: Robert Graham  Read Replies (3) of 52237
 
Please point out that bullish consolidation on the NASDAQ index. All I see is basically a rally from of an unconventional triangular style bottom in late September that ended up in a type of small in time but wide in swings ladder style consolidation patter in October which ended up moving into another mini-consolidation pattern in November that ended up in a triangular formation. I would not call any of this part of one large consolidation pattern, and no part apparently bullish except perhaps for the last week in November that formed a mini-triangle. I say bullish given what has transpired before this triangle was formed in price action and market sentiment.

Have you been basing your bullish assessment of the market on this one week triangle pattern in the NASDAQ index?

I think the strong bullish sign is how the market has been breaking out of consolidation patterns that would normally portent a move DOWN. This can happen when there is pent up buying interest in the market and market sentiment is high. I believe this is what can be seen from the charts. The price behavior that lead up to the triangle pattern is more relevant than the triangle pattern itself made in November. Triangle patterns themselves do not portent a move up or down.

Market moves made in this manner reveals a very strong buying interest. His means near term a bull market. But the longer term prognosis for the market has yet to be decided. Just trade what you see. That is all that is important. Leave long term bull or bear market prognostications to others. For your purposes, price action and market sentiment will tell you what you need to know.

Still, it is worth noting that there has not been a consolidation period for the NASDAQ.

Bob Graham
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