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To: JoeinIowa who wrote (3978)1/16/1999 1:56:00 PM
From: MskiHntr  Read Replies (1) | Respond to of 6545
 
Sorry for not responding earlier, I've been outside detailing the walks and driveway from the snow we had a weekend ago in preparation for the next front this Tuesday.

Well, if there is a symmetrical triangle, then the upside target should be relatively east to calculate. If I remember my Edwards & Magee correctly, first a symmetrical triangle usually resolves itself by breaking out in the same direction of the stock's price prior to the formation of the triangle, in this case the direction was up and the stock broke north.

The next question is how far north will it go, based upon the size of the triangle and where the apex is located?

A review of the chart: tscn.com indicates the triangle your TA buddy refers to.

It appears that the top boundary of the triangle is approx. $2.50 and the bottom extent is around $1.50 with the apex at $2.00. The width of the triangle - $1.00 - added to the apex - $2.00 - gives us a near term target of $3.00 which coincides with what appears to be the most recent top in the last run up.

My earlier post suggested a target of the old high, your buddy's TA concurs. So we hope for $3.00 near term, a 50% pop from the apex. And, if we get a PR with some numbers or additional sites signing up, maybe $3.00 happens sooner than we think.

Then, where does it go? We'll have to see what kind of backing and filling is done, the volume involved and any change in the fundamentals before we can guesstimate the next target.

Let's enjoy this up leg.

Best, Joe