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Pastimes : A Novel Academy: 56ers in Annapolis
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To: freelyhovering who wrote (2271)11/30/1997 12:34:00 PM
From: Dave H  Read Replies (1) of 2403
 
Hi Myron,

Your lines sound good to me; I see support coming in at around 5.42 on friday though from the 10/9 -> 10/28 lows.

As Doug described in his response, there's a (triangle?) formation with a downtrend line (11/3 & 11/17 highs) and uptrend line (10/9 & 11/14 & 11/26 lows) that seems to be coming to a head tomorrow or tuesday.

Pring in his book says you can project a move from a triangle formation by drawing a line parallel to the upper or lower line that also goes through the first low or high in the triangle.

I drew a roughly parallel line to the downtrend line that goes through the 11/7 low, and it sits at around 5.42 on friday (intersecting the uptrend support line you mentioned!)
Doing the same thing with 11/17 high parallel to the uptrend line, a move up projects to around 6.44 on friday.

So it looks like the move will be about a half a point....based on my naive interpretations of Pring. (i.e. take with grain of salt!)

My problem is how do you get an idea of which direction? I'm going to study all the indicators doug mentioned to you with APCO & ACRT, AKRN, and QUST and try to understand it more.
The 3,1,2 stochastics seem pretty hard to interpret though...they move up and down so quickly it's hard to get a feel of any pattern formations. Have you had any luck with them?

Hope you had a nice weekend!

-dave

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