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Strategies & Market Trends : today's chart -- Ignore unavailable to you. Want to Upgrade?

To: gonzongo who wrote (864)	1/11/1998 9:56:00 AM
From: Gale A. Thompson	Respond to of 1267

Hi Andy, "Gale I think you can grok this one. 207.183.153.88; Thanks a bunch... I really enjoyed it! Robert Hitt combines all the things that fascinate me about the markets. If I had the time, I think this is the sort of thing I would spend more time doing. Gann was a mathematician who plotted planetary alignments and studied their affects on human nature... i.e. the markets. Although that sounds a little too odd, anyone that can only miss 24 trades out of 288 (documented) while on the floor of the exchange has my attention. However, Hitt actually takes the work of the great names (Gann, Fibinacci, Elliot) and uses them together to paint a picture. Only time will what style the painting... realism, surrealism, abstract... But it doesn't make the viewing any less interesting. Hitt discusses falling 40% off of the highs (Gann used 37.5) in late '98, putting the Dow around 5000. Using 10 as the low for the Dow and 8340 for the high, the Gann retracement chart looks like this: 0/8 Retrace 8340.000 1/8 Retrace 7298.750 2/8 Retrace 6257.500 3/8 Retrace 5216.250 4/8 Retrace 4175.000 5/8 Retrace 3133.750 6/8 Retrace 2092.500 7/8 Retrace 1051.250 8/8 Retrace 10.000 Note Gann's 3/8 retracement is 5216. I only note this so people won't think Robert Hitt is way out in left field. In TA I think the best we can hope for, in forecasting, is to identify the possibilites and determine how we will handle each of them. It doesn't appear, if Hitt is correct, that buy and hold is going to be a viable choice... -- Gt --