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Strategies & Market Trends : Intraday Updates, Analysis & Strategies for Daytraders

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To: Jenna who wrote (207)	3/14/2001 7:03:45 PM
From: Don Pueblo	Read Replies (1) of 589

It's "rounded" bottom or saucer bottom (page 125), not "rounding", and Murphy would call your chart an Inverse Head and Shoulders bottom (page 110), not a saucer. Inverse H&S patterns are not very accurate for prediction, because so many people recognize it...and those that don't are seeing the old 1-2-3 pattern. Entry tactics would vary according to risk parameters. (figure 5, page 114) 2000 is a psychological stop, nothing more. Strong support on the COMP is just below 1900, and resistance now is around 2100. The weekly COMP chart might help you decipher this bottom. Try checking out the 14 period RSI on some of your charts. You might like the RSI analysis in "The New Science of Technical Analysis" by Thomas R. DeMark.

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