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Technology Stocks : Ascend Communications (ASND)
ASND 218.22-1.4%Feb 12 3:59 PM EST
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To: Autumn Henry who wrote (6379)7/10/1997 10:48:00 PM
From: WBendus   of 61433
 
OFF TOPIC: ....... Autumn Henry.....PIPE FORMATION

Please discuss your famous pipe formation. What have you discovered? I am a chart formation reader/student.....would love to know what you have found out about today's and yesterdays formation in ASND.

Autumn,

The "pipe" formation I was speaking of actually boils down to a daily miniature double bottom. The formation, for a bullish signal, is formed when there are two identically priced lows back to back in a short term down trend. ASND created this formation on 7/8 with a low of 45.0625 and then a consecutive low of 45.125 on 7/9, after falling from its high of 51.125, 3 days before, creating the short term down trend. This formation actually did one thing better than the pipe, on 7/8 there was a gap down that the close on 7/9 filled and busted through. The converse of this patter would also hold true for bearish signals. That is, in an uptrend, getting to identicle back to back intraday highs.

These pipes just show that there is a significant amount of support at the price level where the pipe formed. This pattern typically works best over 2 to three days after the formation, baring no other significant events. I estimate that it has about a 60% to 75% accuracy, depending on the security.

Wayde.

PS, I will do a scan of the data that I have to see how well this pattern has worked historically for ASND and hopefully post the results sometime before mid-morning tomorrow.
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