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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Perspective who wrote (27447)10/12/2000 5:43:54 PM
From: AllansAlias   of 436258
 
We have talked about the price channel of the COMPX. For others, this is a beautiful channel that prices have been in since 1990, save for a very brief dip in 1998. The lines are parallel and have been well-respected.

In January of 1999, we busted up out of this channel. This put us to a new level of exuberance. (The blowoff of late 1999/2000 is so weird we will not discuss it here.)

Anyway, we are still above this price channel. This is worth repeating. In other words, we have still not moved back into the *top* of the NASDAQ historical range.

The top of said price channel is a beautiful line. It goes from the 1987 lows where it acted as an uptrend line (i.e., under) for a couple of years, then acted as the top of the price channel for 8 years starting with the swoon of 1990. Then this same line acts as the trendline (again, under) for the 1999 build.

This is one strong old mother of a line. The COMPX is now only a few points above this line.

Don't ask where the bottom of the historical price channel is, 'cause it is unmentionable for most people. Worth noting that no matter how low that would be, prices could still return to it and the chart remains bullish. Can you dig that? COMPX could fall to, say, 2200 and the chart would still be bullish.

Oversold my azz?

ps: If some thug on this thread has a site where I can post it, the chart I am looking at would make a nice read.
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