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Strategies & Market Trends : Technical Analysis - Beginners
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To: TA2K who wrote (9687)3/3/1999 2:25:00 PM
From: Michael Watkins  Read Replies (1) of 12039
 
Without trying to be flippant about it, I think the only tool that works for sure is hindsight. I suspect there is no tool that says this is the bottom, unless the stock hits zero of course.

You'll only know once it has pulled away from the bottom.

A better question might be 'how can I tell a pull back from the bottom and resumption of trend, apart from a 'dead cat bounce''.

Let me try an answer - I don't think you can tell. If your timeframe is very short duration you will buy the upward movement and get out when indicators say so. Probably best to assume that any big negative movement down will be followed by a period of consolidation where some buy, some get called on the carpet due to margin and are forced to sell, some wait and wait and get apathetic and sell, and other patient folks wait and buy when it resumes.

Through all that there will be a number of ups and downs as it fumbles around the 'bottom'. Wait for it to pass.

Or better yet, pick a different stock!
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