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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Patrick Slevin who wrote (3728)	9/10/1998 8:29:00 AM
From: Arik T.G.	Read Replies (1) \| Respond to of 44573

Patric, A megaphone is not an Elliotte Wave feature, but a T.A. formation - like a wedge reversed on the time axis. A broadening formation. The megaphone is a poor predictor of direction, but a good predictor of magnitude. Once one of the megaphone line is breached, the move is expected to be BIG. Classic megaphone formations (broadening top) were generated by stocks prior to the '29 crash. See "Technical Analysis of Stocks and Trends" By Robert D. Edwards and John Magee. New York Institute of Finance. Chapter X, the part on broadening formations. ATG