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

To: backman who wrote (23448)	10/22/2002 3:02:57 PM
From: Petrol	Read Replies (1) \| Respond to of 26752

Thanks, backman :O)

To: backman who wrote (23448)	10/22/2002 7:56:43 PM
From: Susan G	Read Replies (2) \| Respond to of 26752

Scanning through my daily stock charts, a ton of them seem to be setting up with potential cup and handle patterns. Not the desired shape shallow cup, or rounded bottoms, but these steep cups may have the same effect if we have a few slightly down days to form the handles. If the "handles" drop too low, then the right sides of the cups will turn into bearish rising wedges - and probably crack, so it's a 50/50 kind of set up that needs a few days to form and let us know which way they are going. But if they stay in a trading range the next few days, there could be quite a few breakouts if volume comes in. Most of these cup and handles are trapped inside huge, long term triangles on the daily charts, most of which are getting pretty close to breaking out either way, but also most are right up against long term resistance lines too. It's sure going to be interesting! The indexes, which are all up against strong resistance, old unfilled gaps and still overbought may be the deciding factor, not the individual chart patterns, but I thought I'd give a heads up because I saw this pattern forming on so many charts. So many of them that I made my stock watch list public tonight on stockcharts instead of my usual index charts. Those are all in messy rising wedges on all times frames anyway <g> Cup and handle patterns are not that common, and only occur after a strong correction and then continued upside moves, so keep and eye for them on all stock charts. These are all dailies, but there ar probably many forming on other time frames also. stockcharts.com Here's the definition from Stockcharts stockcharts.com