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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (16803)	6/11/1999 8:37:00 AM
From: pater tenebrarum	Read Replies (3) \| Respond to of 99985

PUT/CALL ratios are updated on the sentiment page at homestead.com regards, hb

To: HairBall who wrote (16803)	6/11/1999 8:57:00 AM
From: bearshark	Read Replies (1) \| Respond to of 99985

LG: I think I see what you consider a breakout of the triangle. However, I strictly follow the Edwards and Magee guidance. In it they state "And a third tricky point is that it becomes necessary to redraw one or both boundaries of a Triangle before it is finally completed (i. e., before prices break out and move away from it in decisive fashion). This can happen, for example, when, after the first two Rally Tops have established a down-slanting upper boundary line, the third rally starting from the lower boundary pushes up and through the original Top line by a moderate margin and then, stops short of surpassing the highest level of the preceding (second) pattern top." For that reason, I adjusted the top of the triangle on the third move up. As a result, I did not consider it a breakout. In regard to the symmetrical triangle being a bullish pattern. Edwards and Magee agree that symmetrical triangles will follow the previous trend most of the time stating that "..three out of four of these formations will turn out to be just that." However, "The fourth is the dangerous one. . . ." These things can be either reversal or consolidation patterns. We have been seeing consolidation pattern over recent years. However, reversal patterns are devastating. It appears that the betters consider the figures to be bullish. Unfortunately, I will be out this morning at the open so I will not be able to take advantage of their bullishness. See you at 9900.