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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: donald sew who wrote (24848)	7/4/2000 9:31:41 AM
From: donald sew	Respond to of 42787

Concerning QCOM. Is the chart on QCOM a declining WEDGE, which is bullish or a DESCENDING TRIANGLE which is bearish. I think the declining UPPER TRENDLINE is clear, so lets look at the LOWER TRENDLINE. If you connect the intraday lows of 5/30 & 6/28 you would then get a BULLISH WEDGE, but keep in mind that the LOWER TRENDLINE of that wedge only had 2 junction points. Now if you draw a horizontal line across 60, you will notice 3 touchs by the INTRADAY LOWS(5/30,6/15,7/3(within 50 cents)), and on 6/28 and 6/30 the BODIES of the CANDLESTICK is sitting right on the horizontal support line at 60, although the intraday low did break below 60 on those 2 days. All together that is 5 touches, where 3 of the 5 touches were clean. There were 5 touches, although imperfect, to support the belief of a DESCENDING TRIANGLE, but only 2 junction points to support the BULLISH WEDGE, Im more inclined to go with the DESCENDING TRIANGLE. Also notice the declining volume on the rally around the 3rd week of JUNE.