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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: J.B.C. who wrote (8402)6/16/2000 11:33:00 AM
From: Ms. X  Read Replies (1) of 9427
 
Sorry, didn't get back to you soon enough. EMC broke through that spread quad top which is very powerful. I'd wait for a pullback here.

When you had posted I think the stock was at 69 or 70? When making a decision as whether to buy with a stock facing huge resistance like EMC did at 72 you look to see the risk reward. Buying at 69 would give a downside risk of 5 points with the stop being at 64 and an upside potential of 3 points. Obviously, the risk is higher than the potential.

Now that EMC has broken that resistance the doubt is erased and buying on a pullback would be good. My guess is a pullback around 72 and possibly as low as 68 should the market get a little poopy.
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