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Technology Stocks : THQ,Inc. (THQI) -- Ignore unavailable to you. Want to Upgrade?

To: Joe Casey who wrote (4519)	4/7/1998 12:46:00 AM
From: Dennis K. Showers	Read Replies (2) \| Respond to of 14266

Joe Here is a different slant on the chart. 1. A 50% retracement from the all time high on Feb. 26th to the low on March 14th would be exactly the high on last Thursday at 25.25. 2. It is still too early to say that a hanging man has not formed. Today's candle is a spinning top which had a high and close lower than the real body of the hanging man and thus would possibly be the confirmation that is required to complete the formation. It is true that for a strong indication a larger gap down at the open is needed. However, I want to see what tomorrow's open looks like. It would be easy to open higher and then reverse and close down creating an bearish engulfing pattern which in my opinion would be the confirmation of the hanging man. 3. I have drawn a line on my chart across the highs in late Dec. and early Feb. This line seems to have some importance as both resistance and support. You will notice that today's close was just under that line. 4. I can view the price action of the past three weeks as a bear flag formation which is about to change direction and continue down. 5. The candle formation that formed on the Dow Industrial average has the makings of a Gravestone Doji, depending on the action of tomorrow. All indexes except for the Financial's were down. 6. Where the DJI's are concerned, the rule of 8 to 12 new highs apply. We have had 18 new highs since our last correction. I am afraid that a new correction is eminent. Don't get me wrong, I am long this stock and believe the fundamentals are still very strong, but just wanted to point out a different angle, If I am correct and the stock heads down I will be looking for support at 22 and then at 17 or 18. On the positive side I have a short term support line coming through at 23 1/2. I hope that holds and we go up from there but I don't have much faith. Whitetail