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To: mtnlady who wrote (473)	7/11/2001 10:49:38 AM
From: HairBall	Read Replies (2) \| Respond to of 1328

trade by. Hopefully Les or one of the other astute folks that contribute to or read this thread can answer your question regarding H&S patterns. I rarely trade off of H&S patterns so I am reluctant to give my take. I'll take a look at the chart and get back to you with my usual stuff, if thats OK. Right now QFeed is not drawing complete charts, so it will likely be later this evening before I get back to you. Retracing the move from the Dec 98 low to the Dec 00 high yields retrace support points (once that have not already been passed) at 50.35, 44.30, 35.7. And, a declining support line originating from the Nov 00 low is currently in the 49 area and declining. I cannot determine longer-term support as the chart is incomplete. Regards, LG

To: mtnlady who wrote (473)	7/11/2001 9:11:44 PM
From: KymarFye	Respond to of 1328

mtnlady, on h&s measuring implications: The classic (Edwards and Magee, and others) "minimum measuring implication" for an h&s breakdown is the distance from the neckline to the head, subtracted from the point of breakdown. Bulkowski claims that the average observed extent of the movement from "successful" h&s breakdowns is 15-20%. Most interesting to me, Plummer, in his work on Fibonacci patterns, suggests an alternative explanation, and believes that the classic measuring implication is actually the approximation of a target that can be derived from wave action, and projected as 1.618 * the distance between the neckline and the top of the right shoulder. I agree with Les that APC's pattern suggests a "diamond." Its volume pattern is also the reverse of the preferred form for an h&s. You might call it a complex h&s with suspect volume characteristics. Whatever you want to call it, it sure is one big long top. Though the complexity and imperfection of the formation make deriving targets even more difficult than usual (and, let's face it, it's not a perfect science no matter how amazingly accurate some of the predictions look sometimes), I think the Plummer target would be in the 45-6 area, and it also seems to correspond closely to the mid-00 lows.