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Always interested in trading ideas and I don't follow unleaded, so I took a
look. I'm wondering if the H&S is in place yet. I see a decline which
appears to have (3 or 5 wave) characteristics of a wave A. I would expect a
B wave to rally into the 50-62% retracement area. Alternately a wave 2
should rally into the 62-78% area. Either case would take it back to the
general area of upper red line which would nicely complete a right
shoulder. A decline from the right shoulder through the bottom red line
should signal a H&S breakdown good for around 6 cent decline. Given the
pattern of the decline and position near what is probably wave 4 of the
rally, I would probably look here for a bullish reversal. Today's action
barely qualifies as a bullish reversal, however it sets up an inside day
which could be traded on a breakout (I would favor a bullish breakout). Not
a trading recommendation.
Earl
----- Original Message -----
From: Mervin Yeung <tinyeung@xxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Sent: Wednesday, May 19, 1999 12:00 PM
Subject: Unleaded Gas
> Hi RTs,
>
> July Unleaded Gasoline has a head and shoulder top pattern. Today is
> the pullback to the neckline. Generally, I don't trade traditional
> price patterns. However, today may be an exception. Bulls push the
> price up so far to this level. My decision was that I would take it, as
> long as the price doesn't trade above yesterday's high.
>
> This is my opinion, not trading advice. I want to see if H&S has any
> trading value.
>
> Mervin
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