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Earl -
Sorry I did not get back sooner. My email account at psn died I believe and
I have not received anything in a few days.
I read through my post, and I never mentioned anything about volume
comparisons between the left shoulder and the right shoulder. What I said
was that you could not compare the two properly because the left shoulder
was formed on Christmas week when volume tends to dry up. I was not arguing
whether or not it was valid from any other perspective. My further argument
was that volume was lower on the right shoulder than at the head, which was
correct and that it rose as prices fell from the right shoulder.
My only additional point was that I am a firm believer that following text
books is not a requirement. There are perfect H&S patterns and
not-so-perfect H&S patterns. I am more comfortable when volume makes sense,
and when the pattern takes longer to develop, which I mentioned in my
earlier post, but am willing to consider a possible H&S in somewhat less
ideal set-ups, if I have other reasons to believe a top.
Note, that I only disagreed with your volume contention. I also warned that
I felt that such a s-t H&S was questionable, even though I'd consider it,
and that it was not confirmed either way b4 a neckline break, which we did
not have. That said, EW said we were at a top of some degree, which
certainly makes it easier to look for shorting opportunities.
Steve Poser
P.S. - Look for the 8th edition of E&M in a few months and check for my
favorite technician receiving an acknowledgement from the editor. :-)
---
Steven W. Poser, President
Poser Global Market Strategies Inc.
http://www.poserglobal.com
swp@xxxxxxxxxxxxxxx
Tel: 201-995-0845
Fax: 201-995-0846
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