MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.70

-0.3%

Dec 8 4:00 PM EST

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To: sean sanders who wrote (5045)	1/30/1999 9:13:00 PM
From: HairBall	Read Replies (2) of 99985

sean sanders: I pulled up the daily chart for EFII so I could see more of the chart. Start a formation at the low at the end of May (5/27). One can make the case for a bearish pennant or a rising wedge (bearish). The move up on (7/15) would have been considered penetration of the upper trend line, but only a violation needing next day follow through to validate. Of course this follow through never happened...<g> I always look for confirmation...the Big Boys know charting too! In addition, I never use charting as a sole indicator. Chart formations are not 100%. BWDIK Regards, LG

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