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Strategies & Market Trends : Tech Stock Options
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To: dennis michael patterson who wrote (54295)9/30/1998 9:21:00 AM
From: donald sew  Read Replies (1) of 58727
 
INDEX UPDATE
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I know I will be driving everyone crazy with RISING WEDGIES, FLAGS, PENNANTS, TRIANGLES.

Just noticed another bearish formation. The OEX and SPX have formed FLAGs. If you take a closer look, there is a BEARISH PENNANT forming within the FLAG. Draw vectors connecting the HIGHs of 9/24 & 9/28, and the LOWS of 9/21 & 9/25. You will then notice the PENNANT and that we are basicly at/near the APEX for both the OEX and SPX. Also, in both cases they are at/near the LOWER TRENDLINE of the PENNANT. Any significant negative close today(8-10 SPX POINTS/4-5 OEX POINTS) will break the LOWER TRENDLINE of the PENNANT.

Hey, I just checked the DOW and a BEARISH PENNANT is also forming within the the RISING WEDGIE. The LOWER TRENDLINE of the PENNANT is around 8025.

I just noticed these smaller formations this morning, not sure if they are PENNANTs or small TRIANGLEs. Regardless the meaning/direction is the same.

Seeya
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