Wedges, triangles, and stuff: Chart patterns for breakouts Message Board

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Strategies & Market Trends : Wedges, triangles, and stuff: Chart patterns for breakouts

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To: HeyRainier who wrote (57)	6/3/1997 3:01:00 AM
From: Mike Kehler	of 257

On CHML and AULT, I think you are right on with CHML, a close in 25-26 range with confirming volume should make for a pretty good ramp up. It won't be long before we know... AULT's chart is an interesting one, definately a very clear descending triangle on the 5/10 year price chart. I am not sure about the surge in volume in late Dec/Jan (does not conform with the definition of a triange), but then again it looks small relative to the volume at the peak in early/mid 96. Interestingly, our book warns us that such a pattern, particularly when following a long rally, tends to have bearish implications. However, this "tendency" is only something to be aware of, the truth lies in completion of the pattern (or a failure to complete as the case may be) before we will know it's true implications. It certainly looks very tightly coiled right now, we should see something big soon if this doesn't fall apart (and IMO it looks ready to explode). OK, I'll get to the point now... I definately think we need alot more volume (and a more decisive price movement) to complete this pattern. Here is the chart I have been looking at, just so we are looking at the same thing: tscn.com That should be the 10 year chart, if it's not just click on the appropriate button. Btw, nice saucer to the left of the triangle, could we be in the process of forming another?? Mike

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