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Technology Stocks : AWARE
AWRE 2.220-0.4%3:59 PM EST
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To: Perry P. who wrote (598)8/23/2000 11:41:39 AM
From: Peace  Read Replies (2) of 2404
 
Hi Perry,

Did manage to peak at the charts this morning. On the longer term picture nothing has changed. I do think that we have finished the ABCDE correction from the April 99 highs to the recent low of 35. To keep it simple, we have started the next bigger wave which will eventually take us above the April 99 highs. However, this large up wave will have many smaller waves.

We did manage to get over the 50 day moving average and closed 4 times above that. We did get overbought at the 50 level and needed to correct that condition. We did not have the momentum to get past the 51-52 area of resistance which is also a 62% fib level of the last pullback from 61 1/2 to 35. We are consolidating around the 50 day average and will likely get over the 51-52 area when we push up next. The current pullback has come on very light volume which is always healthy. I can not rule out another push lower to the 42-43 area before we make a good push higher but it may not happen.

The big up move will come when we take out the upper boundary of the large triangle pattern we have formed. You can monitor this by drawing a trendline that connects the highs from 4/99, 3/00 and 7/00. I think the line is around the 60 area right now but is falling.

Although I expect the 42 area to hold on any pullback, if we violate that convincingly then we will be in a lot of trouble.

Peace

PS: Although I trade a lot of stocks this one has been in my LT portfolio and I have to keep reminding myself that - Patience is a virtue.
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