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Strategies & Market Trends : TA- Advanced GET
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To: Allan Harris who wrote (1387)8/12/1999 11:22:00 PM
From: Lenny Rosow  Read Replies (1) of 1551
 
Allan,

Thanks for the play by play on QCOM. Here are a few more observations with the use of some of GET's drawing tools on the Daily chart.

A) Short term Ellipse drawn from the prior wave 5 held wave C rather nicely. Remember when the Elliott Oscillator is above the breakout bands use the short term Ellipse.

B) Normal Ellipse drawn from the wave 5 high to the wave C low is just now being approached by the current price for some possible resistance.

C) Draw an Andrews Pitchfork from the prior wave 3 high, wave 4 low and wave 5 high. Turn on the .50 and 1.00 percentage lines. The upper .50 line has served as support in the past while the median line held the wave C low. The current price is now approaching the upper .50 line which could now serve as another form of resistance.

D) Turn on the Gann Angle/Fan drawing tool and optimize it. Draw it down from the prior wave 5 top and up from the prior wave 4 bottom. One of the fan lines down from the prior wave 5 held the ABC down move very well. Price has now broken through that fan line and is now approaching the cross of the top line from that fan and the middle line from the one from the wave 4 bottom. Again, this area could serve as some form of resistance.

What does all this mean. I guess a buy stop above all this resistance at around 158. I know one is giving up around 4 points but since your target is 220-280 this shouldn't be a major factor.

This is just an observation not a trade recommendation. Allan thanks for taking us through this Type 1 example any comments would be appreciated - Lenny.
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