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Strategies & Market Trends : Waiting for the big Kahuna

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To: Investor2 who wrote (12334)	12/27/1997 8:20:00 AM
From: GROUND ZERO™	Read Replies (1) of 94695

I2, Markets have corrective selloffs as a normal and health part of its price activity. The phenomenon of price movement frequently forms identifiable patterns which repeat themselves under specific conditions. The most commonly known pattern is the head and shoulder, but there are many patterns which display themselves. Much like a radiologist who can read the subtlties of an x-ray, the chartist can read the chart. I think this particular pennant indicates that the market wants to move higher, but contraindicating headline news is holding it back. I don't recall immediately what important news there was in the August pennant period, if any, but my bet is that some news jolted the market then as well. Sure, pennants occur in overbought and oversold conditions. This one is occurring right on its 200 day moving average after a nice selloff of a couple of hundred points. I think the market fell so fast that one could almost hear the brakes screeching in this pennant. BWDIK GZ

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