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Strategies & Market Trends : Candlestick Charting--The unknown indicator -- Ignore unavailable to you. Want to Upgrade?

To: The Perfect Hedge who wrote (696)	11/21/1997 11:45:00 PM
From: MonsieurGonzo	Respond to of 1589

Glen; RE:" EVI and 10 red candlestick rule... " You said it: a turnaround should occur very soon Don't know the ten red candlestick rule, Glen. Sure hope so. -Steve

To: The Perfect Hedge who wrote (696)	11/22/1997 12:41:00 PM
From: Tom L. French	Respond to of 1589

Glen My 2 cents here on EVI is that the most bullish indications are that the last two days have been inside the 3rd previous day which was a big downer, and this indicates selling pressure is disipating (it could start right back up again though, 10 red candles or not...the external conditions here, i.e. the pressure the group is under make this a great time for exceptions to any rules like that, IMHO); another positive is that on a 30 minute chart it looks like it's firming up and trying to form a bottom, with some buying coming in at the end of the day on Friday. Glen, I'm watch my drillers too, and gut wise it doesn't seem a bad time to buy figuring this has to be the bottom (I bought some DO Friday). But this chart doesn't say so, yet. Also, from a contrarian point of view one could argue there are too many people saying this group is at its bottom. Latest entry is a nice positive piece saying that in Monday's IBD. So, contrarian wise, this chorus of calls for a bottom and end to the sell off may be setting us up for another kick down. I hope not! But if a good indicator of a bottom is extreme pessimism, we ain't got it. TomLF