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Looks like a good bearish pattern to me. A bit abstract, but a good
pattern. <I've noticed over the last few years that the most reliable
patterns seem to be the abstract ones.> I show a minimum downside objective
of 910.00 for the cash S&P. My work indicates that, barring a huge
miraculous rally on huge volume Friday, major bearish trend changes will be
confirmed on the weekly DJIA and SPX charts. This helps to confirm my
bearish bias.
John Kosar
jk@xxxxxxxxxxxxx
-----Original Message-----
From: derksenf <derksenf@xxxxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Thursday, September 03, 1998 1:08 AM
Subject: Re: Head and shoulders on SP500...
>Yngvi,
>
>Not sure about this pattern. To me it looks a little bit out of sync.
>The down-penetration of the 200EMA on Aug. 28 made more impression on me.
>And measured by other stats including the by this list much discussed
>(4/9day)support level fm Mel Widner(TASAC 0598) this was also an important
day.
>
>It's a pitty my broker won't let me trade in the past....
>
>Frans
>
>
>
>At 21:32 2-09-98 +0100, you wrote:
>>I have not seen anybody on the list referring to a head and shoulders
>>pattern having appeared on the S&P 500 index.
>>
>>Neckline drawn from the low of April 27 to the low of August 11 and
>>penetration on August 28.
>>
>>Potential objectives: Whole multiples of distance between 1190.58 July 20
>>High from neckline same day at 1059.21 subtracted from penetration price
of
>>August 11 at 1050.89 or: 920, 788, 657...
>>
>>Comments anybody?
>>
>>Yngvi
>>
>>
>
>
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