RE: [RT] Triangle breakout confirmations

["Jim Ross" <jrosscpa@xxxxxxx>]

Pardon, the next previous high in the assumed bullish triangle is the Jan 28, not the January high because that would be Jan 6.

 

From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of Jim Ross
Sent: Friday, February 06, 2009 9:52 AM
To: realtraders@xxxxxxxxxxxxxxx; markettimers@xxxxxxxxxxxxxxx
Cc: 'Rob Almony'; tonyritenour@xxxxxxxxx; 'Jeff Shumate'; scott.kattwinkel@xxxxxxxxxxx
Subject: [RT] Triangle breakout confirmations

 

Lots of people are looking at triangles in the indices and critical Edwards/Magee confirmation levels are being approached.  DJIA would be about 8404 Jan high, SPX would be 880 Jan high, and QQQQs would be 31.63 Jan high.  I need to re check those levels because my real time chart is on the fritz today.  [Edwards/Magee said the confirmation occurs at the previous high or low trend line point in the triangle. Others say 2% or 3%.]  Until then there is risk of a false breakout……which often occurs.  Obviously, a confirmation means a sizeable move up.

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