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Technology Stocks : DELL & MU from a TA point of view ONLY !
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To: TREND1 who wrote ()3/31/1999 8:29:00 PM
From: John Graybill   of 36
 
Anybody have much experience in "wedges", particularly "descending wedges"? The break out of the lines that define a descending wedge is supposed to be to the upside.

Strange as it may seem, MU is in such a pattern, which begins in mid-February or so. (I don't have a way to post a chart here, unfortunately.) Depending on the date where I (subjectively) define the wedge to begin, MU will break out of it within eight sessions, but probably no more than six (I see by the chart books that the price range never contracts all the way to the point of the wedge), and possibly in as little as two.

Of course the break-out might serve only to re-define a bigger wedge. But I will be quick to go for some upside money if we see an otherwise inexplicable move up for two or three days.

48 1/2 tomorrow would break it out of the shorter-term wedge, 50 would break it out of the longer-term wedge. The breakout upper limit is dropping about a point a day.

Something to think about.
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