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Strategies & Market Trends : Technical Analysis - Beginners

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To: SteelBlueIce who wrote (1908)	1/14/1997 1:13:00 AM
From: David Russell Coburn II	of 12039

Jerry, My name is David Coburn and I am certainly not at the level of any of the guys on this thread, but after seeing your post to Stephen I agree with him on PEV. It looks really good to me. It just went long with DNS and StochRSI(14). I may not be using this terminology correctly but I think it just started its' "4th Wave up", 5 went above 13 last Thursday. Now I would like some help, if you don't mind and have the time. I'm trying to understand trend lines a little "lot" better. EVERYONE IS WELCOME TO RESPOND TO THE FOLLOWING COMMENTS. I started a free form line at the peak of the 2nd wave on about 10/14 and connected it to the peak on about 12/9. If you extend this line to the price axis on the right "I'm using WOW" you hit about $18. Is this a standard way of doing a projection of the next high. Would this tell me that the probable peak "in this wave" is about $18?? Using the same techniques I have a low at about $14. If I use flat lines I can see that there was a resistance "now support I think" at $10.5 a while back and we just passed resistance at $14. I guess we'll have to see if it becomes support. Is this correct or am I way off? I have been reading "A to Z" and it says that if you pass the resistance with good volume strength and then the volume drops off "while staying above the resistance" this is a good sign ie:low buyers remorse factor. My limited experience makes it difficult to determine how to interpret the volume on this one. It looks like since today the volume was less than half of Wed, Thur, Fri "when the current move started" we will be able to hold the new price. What are your thoughts on this analysis. I'm actually more interested in your thought process than this particular stock. Also any other observations you might have would be appreciated. What type of trending lines do you use? How do you interpret them? Again, if you have the time I would really like some help. This seems like a very basic subject but its really not if you are truly a "beginner" like me. thx DRC PS. This almost turned into a thesis. I hope I didn't put anyone to sleep.

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