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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: donald sew who wrote (28491)	8/28/2000 9:28:21 AM
From: Paul Shread	Read Replies (1) of 42787

The chart pattern on the COMPX is indicative of a possible secondary top here: we have a H&S (4073, 4289, 4083) at a downtrend line, with the right shoulder reached in a rising wedge, and a doji formed at the right shoulder. The shoulders are at the 50% retracement points and the head at the 62% level, so we never resumed the uptrend in Fibonacci terms (above 62%). It not only looks like a short-term top, but a good set-up for a bigger sell-off. It's also a clearer peak that the COMPX's April top. I don't know how to measure the neckline here (would like to hear feedback on that), but it looks like 4000 could easily become a distant memory here similar to 5000. Besides, everyone is saying 'up.' There is no wall of worry to climb. Internals are improving, but the charts look pretty bearish here. Does that do it for you, DMP? ;-)

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