Hi Jan,
Wanted to ask a bit about price objectives.
Friday, you said something to the effect that on OMKT, it was too early. Does that mean you are going to use the current column of Xs to define the price objective, rather than going back to the one off the double bottom in March ?
On VERT, which column of Xs would you use to define the price objective, the second column of Xs from the left (which I think equates to an objective of 138 or thereabouts), or the column of Xs formed prior to the current column of Xs (which I believe equates to around 197).
On CYCH, would this kind of formation lend itself to a more accurate estimate of price objective using a horizontal method, and if so, which column is the best one to start from for counting purposes ?
Last question for tonight: If tomorrow opens really crappy, as the futures would suggest, is it the position of the P&F school that it is more important to have stops in place, or is there more of a risk to having a stop in place because the stop could be taken out at an unreasonably low level just to have a bounce take place. I am thinking in particular about the nets like VERT which may gap down hard but then rebound. I know it is important to have the plan, but I wonder about the impact of panic selling on stops.
Thanks as always,
David |
