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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: MechanicalMethod who wrote (22681)11/7/1998 3:56:00 PM
From: Doug R  Read Replies (3) of 79269
 
Osci,

First, another example: PRMS broke out of an IHS on Tuesday. It retested the breakout in classic fashion and moved off the retest on excellent volume. The dates for the neck line on PRMS are along the highs on 9/9/98 and 10/20/98. PRMS is going to a min 17 very quickly. The trend lines supporting it are along the lows on 10/8 and 10/16/98 and the acceleration from the low on 10/16 to 11/5/98. The move off the retest occurring off that 2nd anchor of the acceleration strongly suggests a new acceleration is starting. Entry is advised here since the downside would be pegged by the 10/16 to 11/5 line which offers minimal downside risk if used as the stop loss trigger.

Now for GEMS: 9/14 and 10/20 is correct.
The 10/20 to 11/4 line represents the upper limit of a symmetrical triangle that is using the 10/26 to 10/29 uptrend as support. A break out of the triangle would send GEMS up to attempt the IHS breakout.
Nice work Osci.

Doug R
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