Jack,
You wait till the end of the day and then look at the daily high and daily low price to determine whether you extend an X or O column or whether the column had a reversal occur, in that order. The method mostly used in this thread, does not allow for intra-day charting. In particular, if today, sometime, PFE touched or went below $96 for the daily low, then you would only add another O to the column of O's, ignoring the intraday high. If PFE doesn't go below $97, then , yes, today might be a candidate for a column reversal to X's based on the intra-day high price. But only after the market closes.
A column a day... possible, but only with a highly volatile stock, and as long as it follows the p&f charting rules.
That help?
Ben A. |
