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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Shack who wrote (7261)	7/16/2001 6:10:22 PM
From: skinowski	Read Replies (3) \| Respond to of 209892

AMAT: Draw a trendline on the daily chart trough the lows of December 21 and April 4 and 9. Extending it will reveal support at around 40. Looking at the 60-min chart, the retracement since April 20 took a very complicated shape… maybe a double zigzag. In any case, the action since mid –June is shaping up as an unmistakable ending diagonal. A little ‘overshoot’, and it will land straight onto the projected support at 40. 1) It could be a good trade with limited risk 2) If true, who knows, it may indicate a developing end to the correction in the sector and 3) The market? (Meaning, the end of the correction of the spring rally). No crystal ball, but worth a good look. I suppose, a failure of this scenario would in itself be meaningful.