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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (5094)	7/26/1998 2:11:00 PM
From: Bwe	Read Replies (2) \| Respond to of 34811

Thank you very much, Chartseer. I've been so busy of late that I haven't had much time to spend online and I'm really behind in reading and contributing to my favorite thread. With regard to EK, that stock has pulled back after a 22 box up move in X's and that first reversal into a column of O's is usually a good time to take some profits. The stock has formed a High Pole with that huge run of X's, but it's the High Pole Top, I presume, is what you are concerned about. A HPT occurs when a stock retraces 50%+ of a column of X's after that X column exceeded the previous column of X's by at least 3 boxes. EK would have to move to $76 to qualify for that pattern and that would be a big negative for the stock. The Bullish Support Line is at $67 ($69 if you don't count the 1 box break that occurred in June) and the RS chart moved into an X column in July to signal that the stock is currently outperforming the market. For a short term play, the low $80's seems possible but it's my feeling that EK has turned a corner here and would probably make for a better buy in the high $70's/low $80's than a sell. JMHO, of course. Bruce