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

To: freelyhovering who wrote (6530)	8/31/1998 1:53:00 AM
From: Smooth Drive	Read Replies (2) \| Respond to of 34811

Hello Myron, Our old friend Bruce lives on the East Coast and is probably fast ZZZZZZZZZZZZZZZZ. He and I memorialized a few thoughts on the vertical count at Message 4752911 and Message 4756372. MTC's upside target (which will be very difficult in today's market) starts with a picture of the P&F chart. 65 64 63 X 62 X O 61 X O 60 X O 59 X O < Current Buy Signal 58 O X X X X 57 O X O X O X O X 56 O X O X O X O X 55 O O 8 X O X 54 O X O < Last Sell Signal 53 O X 52 O 51 (Note: I just typed the above in. I did not borrow, steal, copy or paste from any site on the web.) In a nut shell, the Vertical Count is figured as such: 1. First thing you ask Myron is what is the current signal? You can see that it's a buy and was established when the last column of X's exceeded the previous column of X's at 59 via a quad top buy signal. This stock is therefore bullish and will have a bullish price objective. 2. Where was the last sell signal? It was established when the column of O's exceeded the previous column of O's at 54 via a triple bottom sell signal. 3. Go to the column of X's directly to the right of the last sell signal and count the number of X's in that column. There are six. 4. Multiply 6 times the reversal requirements (3) times the box size (1) and add that number to the dollar value of the lowest O (52)in the sell signal column: ((63)1)+ 52 = 70. What I just described is what Mike Burke instructs at Chartcraft and it's how their price objectives are calculated and depicted on their charts. There are other ways to count, but I don't and wouldn't. Hope this helps. Take care, Eric