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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 689.17+0.2%Dec 11 4:00 PM EST
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To: HairBall who wrote (54955)6/22/2000 1:30:00 PM
From: Paul Shread  Read Replies (1) of 99985
 
Great post, LG. A quote from Edwards & Magee, Technical Analysis of Stock Trends (1948): "The Rising Wedge is a quite characteristic pattern for Bear Market Rallies. It is so typical, in fact, that frequent appearance of Wedges at a time when, after an extensive decline, there is some question as to whether a new Bull Trend is in the making, may be taken as evidence that the Primary Trend is still down."

They go on to say that the rising wedge can appear as the left shoulder peaks in a reverse head and shoulders pattern, in other words, right before the plunge to the final low.

Regards,

Paul
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