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Strategies & Market Trends : Technical Analysis- Indicators & Systems
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To: Tom Gibbs who wrote (1546)6/15/1997 11:30:00 AM
From: Wayners   of 3325
 
Tom and Claud B,

For Zig Zag, the WOW manual says, "The Zig Zag indicator provides a method of seeing the true movement of an indicator or security price. You should not use the most recent leg of the indicator to base decisions on, since the indicator always ends at the value of the last period of the data being analyzed. Zig Zag is the same as the Swing Indicator."

The thing is regardless of what the manual says, a moving average of Zig Zag is only partly influenced by the most recent leg. Having looked at hundreds of charts I've seen a strong correlation between the trend going into or during a basing out period and the breakout direction.

Best Regards,

Wayne
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