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

To: Paul Shread who wrote (50626)	8/19/2002 11:02:39 AM
From: Doo	Respond to of 209892

Just to butt in here a bit on the purported wedge in the SPX.... I'm less concerned with the slope of the action (actually they can be too steep for me, but rarely would I disqualify a valid pattern for not being steep enough) and more concerned with the fact that you don't have a 4th reversal. I don't know what EW triangles, wedges or the like require, but I think just technically speaking, you've got to have a consistent set of requirements for pattern draws. Just because the general shape is right, doesn't mean much (to me, anyway) unless you've got 4 clear reversals. I won't draw anything on my chart unless it has 4 clear reversals...period. What troubles me more about calling this up move a rising wedge is the fact that you had a valid 4 reversal ascending triangle which broke out on the 14th of that same upsloping trendline you are using. A bullish pattern breakout would seem to remain valid until it makes its measurement (this one measures 150 points) or is replaced by a bearish pattern (4th reversal on the purported rising wedge). That's how I do it and see it, fwiw.