Galapagos Islands Message Board

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Strategies & Market Trends : Galapagos Islands

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To: Jorj X Mckie who wrote (5408)	10/8/2002 12:43:25 AM
From: bramble88	Read Replies (1) of 57110

One more detail re QCOM: August/September double top was solidly confirmed but then did not live up (or would that be down?) to its promise. Eyeballing it on my logaritmic chart I'd say the implied target was conservatively 23.5 or less. Price only dropped to 25+ before the current bearish wedge sprouted. Often, confirmed chart patterns eventually do reach implied targets, even if they first do an about turn of this sort. It's NOT a 100%, but: If it had turned up before violating the double-top baseline I would have no problem considering the pattern invalidated and would not give it a second thought. However, since the baseline was decidedly pierced, I am suspicious of the reversal. FWIW.

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