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Dan,
Attached is IBM daily. Mixed picture with the parabolics. The standard (20
period) parobolic has tripped (first gif) but the optimized is far from
tripping (second gif).
As a side note the wave count could "expand" (wave 5 becomes wave 3) since
the 5/35 oscillator at the bottom of the chart did not show divergence
between wave 3 to wave 5 (normally required however the large gap might have
distorted the oscillator). Either way whether we are either in a wave 5, it
should rally once complete or if in a wave 3 again once complete, it could
be due for a wave 4 rally (a good example of how even with a count change,
it still leaves one potentially on the "right side" of the market, at least
for the time being anyway).
Daily MOB support below at 81.75 could be providing some support?
The weekly chart (third gif) is bearish longer term even if the rally
described above occurs, since it called for a double top or failed 5th wave
with the low PTI of 19. It would appear the failed 5th is underway with the
break of the long term trend line, gapping below. A return to that
trendline as a test could be the wave 4 mentioned above on the daily?
Hope this helps.
don ewers
----- Original Message -----
From: Daniel Goncharoff <thegonch@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, April 23, 2002 2:10 PM
Subject: Re: [RT] Parabolic
> If GE hasn't flipped over the parabolic yet, how about IBM?
>
> Regards
> DanG
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Attachment:
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Description: "IBMday042302stdParobolic.gif"
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