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Strategies & Market Trends : Waiting for the big Kahuna

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To: Paul Shread who wrote (33988)	11/19/1998 12:01:00 PM
From: bearshark	Read Replies (1) of 94695

Paul: From "Technical Analysis of Stock Trends" on the issue of Secondary trends by Edwards and Magee. "These are the important reactions that interrupt the progress of prices in the Primary Direction. Normally, they retrace from one-third to two-thirds of the gain (or loss, as the case may be) in prices registered in the preceding swing in the Primary Direction." "Note, however, that the one-third/two-thirds rule is not an unbreakable law; it is simply a statement of probabilities. Most Secondaries are confined within these limits; many of them stop very close to the halfway mark, retracing 50% of the preceding Primary Swing; they seldom run less than one-third, but some of them cancel nearly all of it." From my perspective, I am not yet convinced whether we are in a bear market rally or the first leg of a new international bull market. It does not matter though, I will make money from it either way.

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