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To: manohar kanuri who wrote (6140)	10/30/1998 9:36:00 PM
From: William Epstein	Read Replies (1) \| Respond to of 7841

Mano; Your absolutely right. However, there is another assumption and I have posted this one before. The assumption that business people usually do what works for them. If a successful strategy worked for the specialist before he will usually follow it again although, he will make some modifications to make it look a little different and discourage chartists like myself. Looking at the 12 year cycli-graphic chart from Securities Research it shows me that the pattern of the most recent blow off (2/96) and the subsequent decline of the stock, on the right shoulder of this head and shoulders pattern, is the same as one created for the stock from 1986-1990, peaking in 87. It's almost exactly the same. So this specialist seems to be following some sort of preconceived plan. Its too perfect to be random trading. I have been doing this for 20 years and have looked at countless charts. I have seen this kind of repetition and repetition of the angles used, specific to each chart, hundreds of times before. My conclusion is that it is no accident. You can say it is market wisdom, the specialist, coincidence etc.. However, I don't believe it is coincidence. There are people behind these patterns and the charts show their footprints in the sand. Of course, no one has to believe me. I don't ask anyone to believe me nor do I expect it but the purpose of this BB is to share what we've learned and this is what I have learned. Food for thought? PHOTOMAN/William Epstein