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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: jim kelley who wrote (134394)	6/24/1999 2:49:00 PM
From: Jorj X Mckie	Respond to of 176387

Jim, I like to think of P&F as an "art" rather than a religion, some may disagree:-). A single P&F sell signal would probably have a very limited usefulness by itself. However there are certain P&F patterns that have a high percentage of completion. These are outlined in Dorsey's book. If you are interested, somebody on the P&F thread can probably tell you which patterns have which percentage of reliability (my P&F book is still packed in a box somewhere). I haven't seen any TA that is 100% reliable and would take the position that one does not exist. The idea is to have more winners than losers. So far P&F has done that for me. I would not have acted on DELL's first sell signal, but the second sell signal formed a pattern called a bearish catapult. This was when it hit $46 sometime in February. From a pure economic standpoint, you would have to admit that puts or a short of DELL at that point could have been profitable. If and when DELL hits $46, I would be a big buyer as it has major resistance at $45 and taking this resistance out would be very bullish. An important point is that P&F doesn't try to get the tops and bottoms of the stock movement, just the middle 60-70%. JXM