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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Paul Shread who wrote (23624)11/8/2001 10:02:05 AM
From: Roebear  Read Replies (1) of 52237
 
Paul,
Following is paraphrased from securitytrader website last night commentary (which I can't link, so typed). Discussion of broadening pattern, which is I believe higher highs and lower lows and very hard to trade as there are few viable patterns between:

Very small range today in indexes, this usually suggests indecision and overbought market, but as long as we hold the breakout levels from Tues NDX 1500 COMP 1800 the driftup likely to continue a little while longer. See comments on Broadening Patterns it's really important to understand them. You don't have to like them, NOBODY likes them.
Nearly all indices are in broadening patterns now...they are patterns that start out as bullish or bearish patterns that FAIL but give HEAD FAKES in both directions. Many indices are at the top of their broadening pattern ranges and are starting to tire as in minor profit taking showing.

Two of the most frustrating aspects of these patterns is the tendency to drift, often against normal TA patterns IF any show and therefore the tendency to HEAD FAKE. Support and resistance levels still work, but keep getting farther apart until finally the broads ranges are resolved one way or the other.

Good chance we will be in an upward(?) drift, not a strong trend, almost sideways, for quite awhile, with plenty of fakeouts to aggravate.

I'd be interested in any other comments on this pattern.

Best Regards,

Roebear
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