Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Don S.Boller who wrote (25391)	8/27/1998 9:12:00 PM
From: bobby beara	Read Replies (1) of 94695

Don, my amateur, learn as you go chart reading, mistook (as probably many seasoned chartists and technicians) the dynamics of the SPX and DJI charts. I was expecting a flat neckline with a retrace to 1130 SPX. The head and shoulders pattern is a along downtrending line along the April-May-June lows and the upper channel of the shoulders along the corresponding tops. You will notice the recent trading range in the spx is around 50-55 points, the same trading range in the april-june correction. Today we broke the angled neckline. This is quite a different H&S pattern than last years August - Jan period, which was flat and actually turned into an ascending triangle supported by a mimicking a/d line. My SPX target given this interpretation is 920, which is the Jan lows. The question is will we get there at the cycle lows in the fall or will this be the summer rally in reverse (amputation NOW -g-) bb

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