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FROM THE DESK OF MY ANALYST:
VAL-LESSON #OHD-1 THE "OVER HEAD DRAW"
THE OVER HEAD DRAW STARTS WITH A GAP DOWN OR A MOVE FROM A HIGH POINT
INTO A BASE AREA!!! THIS HAPPENS MOSTLY WHEN A ISSUE HAS A QUICK RUN
UP FROM A LONG TERM LOW AREA!!!
TO USE AS A TIP OFF IS A GAP DOWN INTO OLD LOWS OR NEW LOWS ON LOW
VOLUME!!! WITH A 100F FORMATION BELOW THE GAP SETTING A BASE FOR AN
INVERTED ISLAND REVERSAL THE STRONGEST FORMATION IN CHARTING !!! I/E
A BOTTOM END ISLAND REVERSAL I/E AN OVER HEAD DRAW THRU THE OPEN GAP
ON VOLUME CLOSING OVER THE LAST HIGH POINT IN THE CHART!!! FIND
ISSUES WITH GAP DOWNS NEAR LOWS -WATCH FOR 100F I/E CROSS TRENDS INTO
THE OPEN GAP AND AT THE NEW BASE!!! ONCE THE GAP IS CLEARED THE
REVERSAL SHOULD CAUSE A STRONG OVER HEAD DRAW!!!!
BY NOT BREAKING 1840 AND PIERCING 1901, THE NASDAQ COMPOSITE APPEARS
TO BE IN THIS PHASE!!!
Hey he is not always right but who is?
John
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