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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts
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To: Jorj X Mckie who wrote (61175)12/7/2000 1:02:32 PM
From: Doppler  Read Replies (1) of 63513
 
However, the action in Sept. featured the same pattern you talked about and was a bear trap. Both the spring and summer top patterns featured a db break, a reversal with lower highs, then a reversal with a retest, then a more major reversal with a final lower high. In reverse if we were seeing a bottom here you would would need a breakout to new highs, then a higher low, then a retest of the highs, then another more significant higher low. In reg TA terms the top was market by a dt, or M shape. One would expect the bottom to be formed by a db, or W shape. Intermediate trends can reverse in a V, but major trends never do. In other words we haven't even seen the first part of the requirement for a bottom which is a higher high after the low. And we certainly haven't seen the retest yet. JMO
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