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Technology Stocks : Apple Inc.
AAPL 259.35+0.1%Jan 9 3:59 PM EST
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To: Bald Man from Mars who wrote (1836)3/20/1997 6:12:00 PM
From: Jaime H. Ayalde   of 213182
 
There is no magic in Charts. Chart forms as to what Large traders are doing. What was happening is that every time sellers moved the stock to 16, large blocks of buying came in. This is why the flat bottom shaped up. Sellers coming to the buyers, forming this declining triangle. If no large buying would have occured at 16, the flat bottom would not have been seen. As soon as selling dried up, very little buying drove the price up. I believe charts are just a reflection of the reality as determined by LARGE SPECS. If large sellers were to overpower the buying, the charts would have failed and new lows would have proceeded to occur. Classical TA just tries to determine what the large traders are doing and the key is to go with the flow and not fight it. Their trail is left in the tape.

Targets for this move would be 3X height,1.875=5.625+16=21.625
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