The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Cornstock who wrote (27782)	3/27/1999 4:10:00 PM
From: Doug R	Read Replies (2) of 79227

Hi Peg, The MIM on MACR is the formation from 12/97 to 9/98. 10/98 saw the BO. The run to 42 1/2 set the Peg line. You were right the first time. Remember, these things are done on a chart of monthly closes for proper perspective. If you shift to daily closes, you'll actually get a series of Peg lines as the stock makes shorter term moves. They can be labeled p1, p2 etc. While those seen on the monthly chart could be labeled P1, P2 etc. For MACR you get p1 anchored on 11/9/98, p2 on 11/27, p3 on 12/9, p4 on 12/21 and p5 (which then becomes P1 due to its significance on the monthlies) on 1/8. After 1/8 you can see how MACR responded to each of those lines again finally using p2 as support from which to begin this assault on P1. As it broke back above p3 a significant short term move resulted as was the case when it broke back above p4. Each short term move then found resistance at the next higher p-line. With this latest breakout, P1, the target set by the MIMBO has been reconfirmed. This concludes Peg Line Analysis...Lesson II Doug R

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