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

To: flatsville who wrote (34544)	11/2/2000 8:59:19 AM
From: Doo	Read Replies (2) \| Respond to of 42787

With the help of a couple of folks, it actually appears to me that the IBD's commentary of late on price and volume signals has some documented support. In the new book (which I've not read, but which came out of an IBD series that I did read), I am told that a rally fails when the intraday low of the first rally day (in this case 10/19) is undercut. That's what happened on 10/26 even though the 10/18 low was preserved. Never heard it before, but it's apparently consistent with WON's published materials. And, a count from the 10/26 low would be valid on all indices. I've always used a 5 day intraday low to begin the count anew. 10/26 fits that bill. I'm not sure that changes the way I will approach the count now, or in the future. It's the first time I can recall seeing such a set up. Worth considering, I suppose. Sorry for confusing those who read IBD. Their current count appears to have some basis in WON's writings. Not sorry for my attack on IBD, however. My opinion remains that selling papers comes before stepping up to the plate and making the call based upon objective price and volume signals.