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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: epicure who wrote (55286)	10/12/1998 4:48:00 PM
From: HairBall	Respond to of 58727

X: I think we are making a rectangle on the DJ- seen nicely on the 30 minute chart. Looking at the Dow Ind. 30 minute intra day chart, looks more like a bull flag to me! In addition, is 8000 trying to become support? The drop on Thursday should have resolved the mini bear flag to the norm and continued the downturn. However, the reverse off Thursday's low and subsequent rally into Friday violated the formation. Now with today's break to the upside violating the formation to the upside, it “has” been invalidated. (I think Don is calling this a mini stair step pattern. Of course, I can not speak for him I do not know how he formulates his stair steps.) The longer term upper descending downtrend line projection for Monday of 8050 to 8075 resisted penetration today. Now the question is where do we go from here? I think the bias is now up for at least the short term! However, the Market could pull back some from here, before advancing further. I will have to wait for my End of Day download to do further analysis! BWDIK Regards, LG