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Strategies & Market Trends : Point and Figure Charting
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To: Judy who wrote (5692)8/12/1998 12:10:00 AM
From: Ms. X  Read Replies (2) of 34811
 
Judy, PFE hit our hedge point when it moved to 100 today.
Broke another double bottom. RS still strong and it is above its trend
line. Just breaking near term support. Next support at 97.


120---------------------------X --------------X - <--resistance
118 X O X X O
116 X O X O X O
114 X O X O X X X O
112 X O O X O X O X O Med
110 --------------------------X ----O X O X O X O --
108 X 5 X O 6 O X 8
106 X O O X 7 O
104 X O X O
102 X X O O
100 ----------------------4 O X ----------------O <--Second double bottom.
99 X O X O
98 X O X O
97 X X O ? <--Next support
96 X O X ? <--Next double bottom.
95----- --------------X O X ------------------------
94 X O X
93 X O Bot

CCI just reversed its RS to O's. Not good for long term picture. Banks
have been weakening for some time. Just broke the bullish support
line and a spread triple bottom. Also very bearish sign. Verical count
gives it 116 which is where support is as well (112-114)

184
182 X *
180 -X O ----------------X * ----------
178 X O X O *
176 X O X O *
174 X O X O *
172 X O X O *
170 -X O ----------------X O X ---Lower tops.
168 X O X O X O
166 X O X O X O
164 X O X O X 8
162 X O X O O
160 -X O ----------------X ----O <--Double bottom break
158 X O X X X O X
156 X O X O 6 O X 7 O X O
154 X O 5 X O X O X O X O X O
152 X O X O X O X O X O X O O
150 -X O X O X O X O X O ----------O --
148 X O O X O O X O
146 4 O O * O <--Breaks BSL
144 X * O<--Spread triple bottom break
142 X * O
140 ----------------------* ----------
138 *
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