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Harold,
There is an interesting pennant or triangle on the U.S. market now
in a stock called EGGS. It seems to be converging on 50% of one wave and
61% of the other, and also the time of options expiry. This issue has
been unbelievably hyped. Since I'm trying not to impose my opinions on
the market anymore, direction is irrelevant to me here. The one thing
most seem to agree on is whichever way it goes, it'll be big. Therefore,
I've simply straddled it, to boot the inappropriate leg when the
direction is established. .gif attached.
Troutman (a frequent poster)offers a much better explanation of
similar triangle techniques at his page. These things seem to be a
consistently reliable indicator of change, at the least.
Darrin
>Hello RT's
>
>I thought this might be of interest, given recent discussion of
triangles
>in TASC and elsewhere. This GIF shows the Australian All Ordinaries
>(XAO) index since before the 97 crash until now. There is an
interesting
>upwards triangle formation that formed in late 1996. The breakout came
>on 18th Oct 96. Whilst, it doesn't prove that triangles always work, I
>did find it interesting!
>Also interesting is the upwards sloping trend line which is still
looking
>like there is considerable upside left in the Australian market.
>
>Harold
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Eggs 60 min Now.gif
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