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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (37869)	3/3/1999 7:45:00 AM
From: bearshark	Read Replies (1) \| Respond to of 94695

Chip: In reading charts, I use Edwards and Magee. Their latest thick revised text sits on my home office desk. They need to see a significant time distance between the tops or bottoms to view it as a true formation. However, from my experience with short-term things, there are enough day-traders viewing the daily and/or short-term patterns to actually make them work. I have seen quite a few intraday H&S formations where it appears the day-traders are watching and make their play just after the right shoulder forms. So these things can work on an intraday and short-term basis. You just need the other traders to see the same thing. For today, there is enough energy stored for a decent rally that could last at least a couple of days. Yesterday, that energy failed. Who knows what will happen today. If it fails again, that is another nail in the coffin and we may get that drop from the valleys of the triple top.