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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (15112)	3/7/1999 3:11:00 PM
From: Ben Antanaitis	Read Replies (2) of 34811

Jan, LU appears to be a good case of getting very mixed signals on a pattern as the price oscillates across a 'Traditional/Chartcraft' scaled p&f chart 'breakpoint' vs a fixed scaled or log scaled p&f chart. LU has bounced back and forth over the $100 point for a while now. Looking at the LU chart, allowing the scale to change on each $100 point crossing, you can get the bullish pattern you mention to OJ. BUT, now bear with me here, now take another look at 'the chart' but use a 'fixed' box size of either $2/box or $3/box. Whoa! Big difference. Now you have a bearish triangle that has had it's initial downside column and an X retracement that failed to cross the centerline of the triangle and it is now in a new column of O's on it's way down. You also get this bearish pattern on a 2%log chart. To me that's 3 out of 4 votes indicate further downside prices for LU. Tom, if you can tear away from the Las Vegas Nascar race ;-) now in it's first yellow flag, how would you call this LU situation (or situations where a pattern has developed smack dab over one of the chart break points? Ben A. ez-pnf.com

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