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Mr. J Seed,
I looked on Murphy's page 144, but I didn't find any ascending triangle on the
S&P daily chart. Perhaps you are looking at an hourly chart. What I did find
was a Symmetrical Triangle, as mentioned on Pring's TA Explained page 75 & 79.
I have uploaded 2 charts to my personal web site.
The first chart:
http://www.ixpres.com/horizon/metastock/S&P-Symmetrical-Triangle.htm
clearly shows this Symmetrical Triangle. Symmetrical Triangles are not supposed
to be very reliable to use the charts at your own risk. I drew the 2 arrows
because Triangle can go either way.
The second chart:
http://www.ixpres.com/horizon/metastock/S&P-KST-DAILY.htm
has the Daily KST Simple MA above the price S&P. Notice how the KST has moved
above its 20 day exp. MA? I have drawn the up arrow and the bull to emphasize
this. Again, use these charts at your own risk. I did not use the other KST
time frames because I need to place them in my MetaStock formula list. Because
KST should help me make tons of cash, I will do this later today. ;^)
BTW, not only did I upload these charts, but I also converted them to GIF. The
MetaStock HTML file can still use it because I changed the GIF extension back to
JPG. This is why the chart loaded ten times faster than a JPG chart in your
browser! Feel free to continue sending us your hypotheses. I need to get
better at analyzing charts.
Good Luck,
Daniel.
j seed wrote:
> All,
> As you all are aware, I tried to post a chart of the S&P to the list today
> without success. I apologize for the inconvenience but will share my
> observations with you anyway.
>
> Now, I'm not one to go about looking at chart formations but this one just
> appears too obvious! Last night I was reading the latest issue of TASC and
> playing with Martin Pring's KST. I kept getting a BUY signal for the S&P and
> wasn't sure why. Then I started looking at chart patterns and it came to me!
> Just like John Murphy described in his technical analysis book on pg. 144.
> An ascending triangle! The breakout point occurs at about 1415 and the move
> should be good for at least 85 points. Meaning a move to 1500! Okay, lets
> see if anyone else agrees with this observation. Comments welcomed!
> J.
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