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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: donald sew who wrote (871)	12/8/1998 11:15:00 AM
From: HairBall	Read Replies (1) \| Respond to of 99985

Donald: Looking at the DJI (Dow Industrials Actual Data) Intraday 30-Minute Semi-Log Chart. The Bearish Pennant's upper (resistance) ascending trend line is less forgiving. A move above would more likely be a break than a violating adjustment to the trend line. The lower (support) ascending trend line, a violation could be a trend line adjustment and could widen the pennant. A move far enough could create a lower trend line running parallel from the top of the inverted poll with the upper trend line, morphing the pennant into a Bearish Flag. Both formations after a break to the norm, which is down, would need to drop below the top of the inverted poll to complete. After a break to the norm and a decent to completion beneath the inverted poll's top, I would then look for the next level of support, which may be supporting trend lines are price action areas. In my formation charting, I do NOT use the formations to predict magnitude of moves. In addition, this pennant has begun to widen to the down side. However, it will not complete until it falls below the top of the inverted poll. It could still negate to the upside. So, keep an eye on it...<g> Hope this helps. BWDIK Regards, LG