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

To: Shack who wrote (56575)	10/15/2002 8:24:47 PM
From: The Freep	Read Replies (1) \| Respond to of 209892

Anyone wanna look at AMGN's chart? It looks like a hanging man today, right above the upper BB and mildly above one possible upper wedge line of a long bear flag. Stochastics are pegged, RSI as high as it's been since last Nov/December when the stock was 30% higher. Volume on this rally less than on the steep selloff (that accompanied the news that there's a big seller of the stock). In other words. . . looks like this stock needs a rest/retrace. The BBH and BTK also had interesting days, closing well off their highs (yet above their upper bands and yet also above their respective 50 dmas). In all the above cases, I'm darned if I can come up with a wave count that's clear and easy, so perhaps someone more savvy than I can do so. the freep

To: Shack who wrote (56575)	10/15/2002 8:30:09 PM
From: AllansAlias	Read Replies (1) \| Respond to of 209892

You know Shack, I am convinced that I would have talked myself out of my longs early last week in the Mon/Tue jello. I just wasn't around to see it. What a beauty gap by QQQ. Right over both the channel out of the Dec/01 high and the old H&S neckline. Held at the TL out of March though. It can not fall much from here without producing a failure back in the channel, so it's a good bet for me that a pullback from here marks some time so the chart can move to the right and not produce a failure. Golfing tomorrow with a client at Glen Arbour. What a course! It's tough work, but hey, I am up to it. -g I'll be doing it without a 9 iron. Snapped that sucker in half at Highland Links. Lucky I did not impale myself I guess. (Yes, beer might have been involved. -bg) Cheers bro.