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

To: Bwe who wrote (9372)	11/8/1998 4:53:00 PM
From: Smooth Drive	Read Replies (1) \| Respond to of 34809

Hello Bruce, Good posts! You know Bruce, even if I'm not hand charting a stock, I'll now mentally note where a Revised Trend Line (RTL) would be. And, in my hand charts as well as the computer or chartcraft generated charts I review, they (RTL's) seem particularly useful in getting in at bottoms a little sooner than if one waits for the "Official" Bearish Resistance Line (BRL) to be taken out. I'm seeing that more and more since our recent little correction. I've held my breath and acted on it a few times and I haven't been disappointed. I'd like your thoughts on this. As you know, some P&Fer's won't take a position, long or short, unless the stock is trading above the Bullish Support Line (BSL). But, if they wait for that to happen -- well sometimes they can grow old waiting and miss far too much of a bull run. Especially if the Official BRL is up in the nose bleed area. Looking at a few of the stocks you highlighted today -- from the perspective of Revised Bearish Resistance Lines (RBRL's), notes are as follows: FLC: RBRL started at 14 above the double top buy signal at 13.5 and was subsequently taken out with the required buy signal at 13.5 and a that established a new BSL at 8. Stock is now trading above the BSL in a bullish channel. 15 X 14.5 X B 14.0 * X O X 13.5 X * * X O X + < Short Term Uptrend Line 13.0 X X O X * X O + 12.5 X O X O X O X + 12.0 X O X O X O X 11.5 X O X O X A X 11.0 9 O O O X 10.5 X O X 10.0 X O X + < Bullish Support Line 9.5 X O X + 9.0 O X + 8.5 O + + SDC: Most recent RBRL started at 18.5 above the ascending triple top buy signal at 18. Was taken out at 17 and a new BSL formed. It has a nice Short Term Uptrend Line too (almost an intermediate): 20 O B X 19.5 O X O X 19.0 O X X O X 18.5 O RBRL > * X O X O X 18.0 O X * X O X O + < Short Term Upt. Line 17.5 O X X O * X O X + 17.0 O X X O X O * X O X + 16.5 O X O X O X O X O + 16.0 O X O X O O X X + 15.5 O 9 O O X O X 15.0 O X O X O X 14.5 O X O O X + < Bullish Support Line 14.0 O X A X + 13.5 O X O X + 13.0 O O X + 12.5 O X + 12.0 O + + Most of the RBRL's on the stocks you reviewed this morning have been taken out. Gives one another perspective. Take care my NY friend, Eric