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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Art C. who wrote (6179)	2/12/1999 8:52:00 AM
From: HairBall	Read Replies (2) of 99985

Art C: If you look at the daily chart of the DOW, it has formed a descending triangle with the lower base at 9100 and the upper leg descending steadily. Are you looking at the Dow Industrials? With all due respect, to achieve a descending triangle you have picked a price point (9100) splitting the lows of 1/14 and 1/25 "actual data" and just drawn it horizontally. As I see it, the formation is a falling wedge (bullish) which could morph into a bullish flag. IMHO Of course, chart formations are not 100% and on occasion fail. This could well be one of those failures. When you get a trend following chart pattern failure, it often leads to a reversal of the trend. cp-tel.net Regards, LG

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