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Well said Tom. The 1,2,3 comes originally, I think from Ken Roberts.
Joe Ross spread the idea with more repute in his books. Having
said that I think you are correct. It's a case of having to take them
all and suffer a LOT of drawdowns before the real one comes along.
Hard to quantify.......
Charles.
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> From: Tom Teitsworth <teits@xxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: RE: Sp RTers
> Date: Tuesday, April 28, 1998 5:13 PM
>
> > Hi all Spoo RTers!
> >
> > Thought this .gif file might be of interest. If the pattern holds and
is
> > worth anything, then it may be of some value for tomorrow.
> >
> > For everyone else - newbies in particular - it is a good example
> > of a 1,2,3
> > and how support, once broken, becomes resistance.
> >
>
> Bill, if you extend the chart back to include the end of last
> year, you will see a couple of similar chart patterns in the
> Dec97/Jan98 time frame that could be interpreted as 1,2,3's.
> Obviously a decline did not follow these "tops" and the market
> rallied to all time highs.
>
> So what's my point? It would be great if it was that easy and
> we could find one or two simple chart formations that would make
> trading as easy as 1,2,3... But you just never know and this may well
> be yet another buying opportunity.
>
> Tom T
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