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To: donald sew who wrote (56330)	10/26/1998 9:30:00 AM
From: donald sew	Read Replies (1) \| Respond to of 58727

INDEX UPDATE --------------------- I want to add to my previous update mentioning the DESCENDING TRIANGLE or PENNANT. If it is a DESCENDING TRIANGLE, which could be the case since the LOWER TRENDLINE(60 min chart) is horizontal, such implies a pullback to start soon. If it is a PENNANT(per the daily chart), it is a bullish signal since it should take the direction of the recent trend. Im slightly more incline with the DESCENDING TRIANGLE interpretation, since most PENNANTs do not have horizontal trendlines. Normally, both the upper and lower trendlines are angled. However, I am only slightly in favor of the DESCENDING TRIANGLE since it is per the 60 min chart not the daily chart. The key is a break of the either trendline. If it breaks the upper trendline at the 8500-8510 range then it was a PENNANT. If it breaks the lower trendline at 8425 range then it was a DESCENDING TRIANGLE. I do not have a strong feeling for either direction, but only slightly in favor of the descending triangle interpretation. Watch - we take off to the upside strongly. gggggggggggggggg seeya