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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (4273)	8/11/2000 5:01:02 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

Misheldo, I don't know about a "quadruple bottom", the best I see is a triple bottom (4/17 @ 100, 5/24 @90, and 8/3 at $84), and since these bottoms are each time lower than the previous one, all you can expect is a "trading rally". Sure yesterday and today's excursion to the low $90 could be considered another bottom, but typically, you would consider this part of the recent bottom on 8/3. Only if we rally above $112, and in a subsequent retrenchment, we do not go under, I would say, $90, can we consider the confirmation of a bottom. The odds are, however that we rally some to above $112 (thus my target of about $120) and if the market stinks, make another low, and that one could be below the 8/3 bottom. My expression of a double bottom, was really refering to a very short term pattern, while the above discussion is a broader medium term attempt at understanding the stock. Zeev