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Strategies & Market Trends : Chart Formations

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To: sean sanders who wrote (950)	9/8/2007 3:50:14 PM
From: Casaubon	Read Replies (1) of 967

BA put in a very significant evening star reversal in late July. IMO, this marked the top of this stock for a significant period of time to come. I believe the trend is now down. A short term pivot low occurred on Aug 16th. Since then, a bearish consolidation has been in the making. This may ultimately turn into a rising wedge consolidation (at this point I don't know). Beware of a penetration of $92.74, which would constitute a resumption of the decline. I believe that only the first phase of the decline occurred, and the stock is staging for a resumption within weeks to several months. DD has a similarly ominous gapping breakdown out of a rising wedge, in late July. Yesterdays action constitutes a highwave dogi candle (rickshaw man). These typically have bearish connotations at tops and constitute continuation candles during declines (such as you have here), IMO.

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