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Strategies & Market Trends : Point and Figure Charting

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To: Dennis J. who wrote (8730)	10/16/1998 12:22:00 AM
From: Webhead	Read Replies (1) of 34816

I've been keeping smudgy hand charts of SPY (as an S&P surrogate) and FWIW today's action gave a double top buy (first buy signal in october) and blew through the BRL at the same time (both were at 100). If it goes to 108 from the current 106 another box will be added and SPY will have a split double top and exceed lateral resistance at 106. Here's the question: Would you consider the old BSL (starting in April 1997 and a box lower BSL formed this september to cause resistance as SPY butts up against them at (strangely enough) 106 and 108 or has the significant penetration of the BSL invalidated it? Thanks, Ed

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