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Here's a picture of what Earl described below - Lenny
In a message dated 09/25/2000 7:51:00 PM Eastern Daylight Time,
eadamy@xxxxxxxxxx writes:
> When evaluating patterns around gap days, it is best to use the true
> range of the day which begins at the prior day close. Now you have
> Friday as a long range day and Monday as a continuation rather than an
> outside day. Never-the-less, a day which opens higher and closes lower
> is bearish. A simple ABC using the high of 01Sep, low of 18Sep and high
> of 20Sep projects to 43. A true bearish impulse at 162% projects to 30+.
> I would watch 43 for any signs of a bullish reversal on volume and if
> there is none, look out below.
>
> Isn't it interesting how the initial price decline clearly preceded the
> news and subsequent rally failed at the 38% retracement. Clearly the
> word was getting out long before the announcement.
>
> Earl
>
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