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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: mike.com who wrote (28753)4/24/1999 12:26:00 PM
From: Doug R  Read Replies (1) of 79198
 
Mike,

Thanks. I guess I should explain that it's not the company that dictates what technical form a chart of its stock takes. Yes, for a stock to go up, it takes a company that can either have good fundamental underpinnings and a proper forward direction or can create the appearance of such. BUT, the way a chart unfolds is based on investor psychology. That psychology plays out as a blowoff top, or a rounded top or a head and shoulders top or a rounded bottom etc, no matter what the company does. IATV's chart has so far played out as an intermediate term blowoff top. Based on investors' percepion of what the highest price IATV will command, the peak recently hit evidences that price. In the case of an intermediate term blowoff top, the price is reached very quickly and can be expected to remain that highest price for some months. A blowoff top occurs on the charts of all kinds of different companies when investors rapidly discount a company's future prospects. It almost always takes another fundamental step forward from what has already been established to cause investor psychology to move the price higher than a blowoff top.
It should go without saying that there's plenty of time ahead for more IATV chart to continue to do what charts will do.

Doug R
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