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Strategies & Market Trends : Point and Figure Charting

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To: wizzards wine who wrote (3259)	5/28/1998 10:16:00 PM
From: Bwe	Read Replies (1) of 34811

My inaugural post on this thread looked at Texas Industries (TXI). Here's an update: TXI (0 57) in "shakeout formation" and first 3 box ( $3 ) reversal (to $60 from here) would be a trading buy or a good place to add to positions. -above bullish support line -coming off a double bottom sell -first sell in this uptrend -RS Buy 11/97 in a column of X's Of course, as Tom says, "The reliability of this pattern, and any other bullish pattern, diminishes when the overall market is in a bearish mode" Another favorite of mine, Ethan Allen (ETH), today moved into a "low pole" formation (X 51). The last low pole in the stock back in September of '96 started an up move that saw the stock move from $12 1/2 to $38 in a year. That was the month the stock gave a RS buy signal (9/96). ETH is currently in a 3 box column of O's after a 16 box column of X's from 10/95. Worth a look. Take care all, Bruce

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