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Strategies & Market Trends : Take the Money and Run -- Ignore unavailable to you. Want to Upgrade?

To: Tim Davies who wrote (10854)	7/25/2002 9:34:24 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 17639

For double bottoms or double tops to be meaningful (to me), I need them to be separated by a little time if they are to mark major tops or bottoms. This is the 100pt Nasdaq chart. on the left side, you can see the column of Xs that leads to 5100. Then it pulled back a bit and the next column of Xs didn't even come close to the previous high. stockcharts.com In P&F, this would not be enough to give a sell signal, but it would be a warning shot. But when the next column of Xs made an attack at the old highs and then failed, it was pretty much a done deal that the bull was over. If we don't get a real solid consolidation base, I would be looking for something very similar, but mirror image, to the topping chart pattern. Double tops work much better than double bottoms in this market.