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

To: TechTrader42 who wrote (23695)	11/9/2001 9:24:30 AM
From: Paul Shread	Respond to of 52237

As your own numbers point out, everyone is still skeptical of this rally, which tells me we may need to hit that upper trendline again. Each of the five points has only touched once, but a fourth high is not uncommon with these formations, maybe after a higher low gets everyone all bullish. Also, the 1957 pattern hung on for two or three weeks before dropping, but it also took longer to form too (two months in 1957; three weeks for this one). Then again, we could just crash here; the technical requirements have been met, and who knows what enough fear or complacency is in a major bear; it's been 27 years since the last one ended, and I believe Investors Intelligence bears hit 70% then, double where they are now. A quote from the arbitrage trader I know: "There seems to be a "weakness" in the arbitrage programs, almost as if someone ran out of money both yesterday and today at critical times. On four of the last five days, a turning point seems to occur at about 1:45 to about 2:00."