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Strategies & Market Trends : Charts for Bottom Breakout -- Ignore unavailable to you. Want to Upgrade?

To: TradeOfTheDay who wrote (1521)	3/4/1998 5:54:00 PM
From: Ed Huang	Read Replies (1) \| Respond to of 3105

Bev, as far as I know Elliott used Fibonacci ratios to forecast how far the price will move in a particular wave. The ratios .382 .5 and .618 for MDCO are located at around 22, 25, and 27.5 respectively. I expect the up move for MDCO will be choppy(if it can move up as we expected). The price levels stated above could also be the resistance levels along the way. If price can move over 27.5 it can still move higher. Since there may be more than one way to interpret the Elliott approach, so when you have a chance, could you briefly state the method you used that came up with the 27 - 29 target ? And any target for TMAR? Oil price is still weak. Oil companies whose share prices stay strong under this situation will do well.