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Technology Stocks : Seagate Technology
STX 278.47+1.0%Nov 6 4:00 PM EST
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To: David Jones who wrote (6298)11/11/1998 8:40:00 AM
From: William Epstein  Read Replies (1) of 7841
 
David Jones;

Looking at the six mo. chart. I drew lines from the June bottom ,20° and the Sept 1 bottom, 45° and the Oct bottom, 60° to the Last Thursday's peak. The acute angle between the June bottom and the Oct. bottom is 40° or exactly double the angle from June. These angles are very regular and don't seem to be random. Next if you look at the current formation it is really the same as the June thru August formation only larger. It is really the left shoulder of a head and shoulders formation. Next the 45° and 60° angles have an acute angle of 15° between them. From experience, I can tell you the the 15° spread which forms the wedge to the current peak is about right for this kind of quick run up in price with no news or fundamental change to support it. Longer trends tend have narrower acute angles. This specialist likes head and shoulders formations. That is consistant throughout all of the charts for this stock, whether long term or short term.

I believe, there may be another spike and even a third spike. This specialist has shown that he capable of doing it. However, unless he has changed his pattern completely, I don't think we're seeing the beginning of an up trend yet. You will get your chance to buy in again, if you want to. The right shoulder is always very steep. These things usually take from 6-12 weeks. In other words, they are accomplished within 1 quarter. We are at about 8 weeks into this bull run. I CAN ONLY HOPE THE DOWNSIDE ISN'T AS DEEP AS THE LAST ONE.
That's the way I read it.
PHOTOMAN




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