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

To: Bwe who wrote (11555)12/16/1998 8:34:00 PM
From: Smooth Drive  Read Replies (1) | Respond to of 34811
 
Evening Bruce, (GE)

Well I see there's no recordings on our GE hand chart today. I'll paste your comments and put a wee bit of the chart below to tickle the old visuals.

BTW, remember how Cohen depicted GM as the "Bellwether Stock". I use GE as my Bellwether stock now. Perhaps we can discuss that in the future.

After updating GE's chart, I'm a bit more bullish on the stock's short term prospects than our learned friend, Chartseer. GE was able to hold it's November bottom at $87 for a bullish sign. The subsequent reversal and buy signal at $92 reinforced the bullish action. The stock's right on a very short term bullish resistance line (brl), however, the brl drawn from the September '98 base, now at $97, has been THE guide to GE's upper end of it's trading range since it was first drawn. I believe that's where GE is headed in the short term. If the market is going to move higher, then GE, IMHO is going to be one of the stocks that takes it there. Incomplete vertical po now at $105. Another brl at $112. Support at $88, a bsl at $80, and a Revised BSL at $75. The RS is bullish and GE's RS calculation has now moved above it's September high for another positive.

JMHO,
Bruce

97                                   + < Bullish Resistance Line
96                                 +
95                               +
94                           X +     + < Bullish Resistance Line
93                           X O   + X
92                         + X O +   X < Double Top Buy Signal
91                       X   X O X   X      Price Objective:        
90                     + X O X O X O X      ((6*3)*1)+ 87 = 105
89                   +   X O X O X O X
88                 +     X O X O   O X
87               +       X O       O
86             +         X *
85           +           X   *
84         + X   X       X     *
83       +   X O X O     X       *
82 O   +     X O X O     X         *
81 O +   X   X O X O     X           *
80 O X   X O X O   O     X             * < Bearish Support Line
79 O X O X O X     O     X
78 O X O X O X     O     X
77 O X O   O X     O     X
76 O       O       O     X
75                 O X   X           + < Bullish Support Line
74                 O X O X         +
73                 O X O X       +
72                 O X O X     +
71                 O   O X   +
70                     O X +                     
69                     O +
68                     +

I've been looking for and seeing various patterns that Aby terms Broadening Formations which he depicts and explains on page 47 and 48 of his book. The current pattern is very close.

Take care,

Eric



To: Bwe who wrote (11555)12/17/1998 3:18:00 PM
From: chartseer  Read Replies (2) | Respond to of 34811
 
Bruce- Great read and timing on CMB!

Chartseer


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