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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Carolyn S. who wrote (8700)	12/3/1997 2:31:00 AM
From: Doug R	Respond to of 79313

Carolyn, NATH: First, draw a line from the high on 8/24/93 across and beyond the high on 10/4/93. The activity recently displayed shows the importance of long-term charting. You will see that the MIM is undoubtedly defined as the high on 2/27/97. The activity after the MIM clearly brings the supply/demand issue to the forefront. Current volume is very supportive of the breakout while short-term price change is quite extreme. 6 is the probable immediate upside target. The cagey aspect is the retest of the breakout which has apparently been accomplished in such a way as to create a crucial initial uptrend. The uptrend that defines successful retest begins with the low on 10/28/97 and moves up across the low on 11/17/97. The price is currently WELL ABOVE that uptrend line and the prudent "chartist" would stalk this MIMBO for as long as it takes for the price to reapproach the trendline. (Of course, trading in and out on the current "irrational exuberance" is a possibility) Doug R