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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Bull RidaH who wrote (13408)	1/26/1998 11:02:00 AM
From: Bull RidaH	Read Replies (4) \| Respond to of 94695

Folks, the general bearishness on this thread is hard to fathom. Did anyone not see the perfect large scale flag formation (looking at 30 or 60 minute charts) that has formed over the last 2 weeks? Starting from the 1/12 low, one can easily see the pole of a flag with the top of the flag pole terminating on last tuesday's close (1/20). From there, a very well defined parallelogram formed Wed. - Fri. of last week. It retraced nearly 50% of the "flag pole", perfectly keeping with the theory that "most flags fly at half mast." On the S&P March Futures, running upwards of 965 this morning breaks the upper line of the downward trending parallelogram, thus setting the target of this pattern in motion. To determine the target of a flag formation, one needs to measure the "flag pole", and add the length of this flag pole to the breakout point of the parallelogram (today, broken at roughly 965). The 1/12 low was 917.7, and the 1/20 high was 982. This gives a flag pole length of 64 points. This added to today's break out point yields a highly reliable target of 1029 on the march S&P Futures. Oh yes, and one more thing about this type of formation: They don't mess around taking time to fulfill their targets!! Should happen in the next 6 trading days!! The wall of worry is stretched high to the sky!! Get ready for some climbing!! Please also keep in mind that this is just one of the first major steps in our climb to 10,000+ on the Dow (1280+) on the SPX Cash in the next 6 months... Happy Trading!! David