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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (135502)	8/11/2006 6:25:13 PM
From: Henry J Costanzo	Read Replies (1) of 209892

Back to you on KLAC...A little tricky, but nclined to think that does have an H&S top....with downsloping neckline at the Jan and Apr lows.... Anither, maybe far-fetched possibility, might be a larger, double-headed H&S with neckline through Oct and Apr lows. The practical consideration here would revolve around the "return to neckline' possibility.. In the first case. would look like that faux breakout took care of the return to neckline. In the second case, the "return" would involve risk of quite a few points up from here..(of course, "return" not absolutely necessary, but does occur frequently). Maybe all this too abstruse, Shack...Take a look at the daily, and see what you think.. BTW Action May to date on the daily looks like a broadening descending triangle.....usually bearish. Takes me a while to annotate charts, but will try to put something up if not tonight, then over the weekend....Staay tuned....LOL

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