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Strategies & Market Trends : John Pitera's Market Laboratory
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To: GROUND ZERO™ who wrote (1762)5/24/2000 8:47:00 PM
From: Chip McVickar  Read Replies (2) of 33421
 
Wow...., What an idea....., What a possibility!

I looked over my Murphy's book on flags and pennants.

Here's what he says:

1) Usually show up within a trend.
2) They are proceeded by a sharp and almost straight line move called a pole.
3) They represent situations where a steep advance or decline has gotten ahead of itself.
4) Prices pause from one to three weeks on very light volume.
5) Trend resumes on a burst of energy accompanied by increased volume.
6) Requires confirmation with heavy volume at beginning and lighter volume during flag or pennant and heavy at the end.
7) Measurement of price moves....flags or pennants are said to be at half-mast on the flag pole.

The only factor here in disagreement would be the length of time the pattern has formed....closer to 2 months, and perhaps the volume structure?

There is a pattern in 3/3/99 that appears closer to another flag or pennant.

I like it GZ..., but is it a stretch..?

Maybe not....nothing's out of the question in these volital markets.

Chip
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