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

To: quote 007 who wrote (14763)	2/28/1999 5:31:00 PM
From: Smooth Drive	Read Replies (2) \| Respond to of 34811

Hello Stuart, >>these poles drive me crazy---isn't the sox chart currently on a high pole warning?<< Good question Stuart, and if you line up 10 people, you'll probably get a variety of answers. When I look at a P&F chart, or for that matter most things in life that I have a deep interest in, I always read or glance (if a depiction like P&F) at the big picture first, and then go to the small. If I'm not hand charting a stock, I'll look at it in the Chartcraft material I have and/or at the DWA site in the Expanded mode. The SOX signaled at high pole when it reversed down from the top at 425 and hit 400 in January, and -- approximately 80% of the time, that results in a sell signal before a move back above a top. There was in fact a sell signal. Then there was a low pole signal from the bottom that occurred at 375 and reversed up and hit 400. And lastly, we got the most recent High Pole from the top at 420 when it reversed down and hit 395, which resulted in the current sell signal. So for me, there's the chart with a great deal of history and two recent High Poles with both resulting in sell signals and each top getting lower and the NYSEBP's in Bear Confirmed. Do you see strength or weakness? There is a potential Low Pole -- but, if it did occur, a Low Pole with the NYSEBP in Bear Confirmed and the High Low and 10 Week in down columns doesn't amount to a spoonful of beans for me. To answer your question from my perspective, the chart is currently on a sell signal, which was preceded by a High Pole, which, etc etc etc ... Stuart, there's a great deal of interesting reading about High Poles and Low Poles in Aby's book (see Ben's thread for details). I'm just in P&F grade school. I lost my hard drive recently and many of the great posts I had saved. But, if you dig back on this thread you'll find that Bruce did a masterful job in one particular post where he summarized many of Aby's teachings in a post about High Poles and Low Poles. Take care, Eric