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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: Nancy who wrote (18050)	5/21/2002 8:16:53 PM
From: Susan G	Read Replies (2) \| Respond to of 26752

ooops! Here it is mywebpages.comcast.net

To: Nancy who wrote (18050)	5/21/2002 9:02:17 PM
From: Susan G	Read Replies (2) \| Respond to of 26752

Nancy, here's a chart of that 60 min descending wedge - more of a closeup on the 30 minute. Inside that big wedge are two smaller ones, each of the trendline breaks may start a move up. There are similar ones on the SPX and other indexes, and a lot of stocks... So many started appearing today I took notice. If we drop a bit more, the wedges can still form, just get steeper like the one on May 10th did. Eventually they get so compressed they cause snap backs off support or on news, whatever sparks it. But after such intense selling, they usually explode to the upside. Real beartraps too! You can see this pattern really clearly on the days before the recent sharp rallies on a 30 or 60 minute chart. The similar patterns were on 5/7, 5/10 and back on 2/28. These breakouts catch traders off guard. That I know <g> and now when I see these things forming I take notice and keep that downtrend line on all my charts so I know when the breakout is nearing. mywebpages.comcast.net