Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Jim,

I think it would be interesting if you want to share a few earlier works here, if you can figure out how to scan it, then resize it smaller so it can fit here without being its normal size. It would be easier to read here if it was shrunk.

Tom was going to throw old stuff away a long time ago and i saved some too. (As you say, it has timeless info in it.) Unfortunately, I was looking for that date you mentioned, and Hotline/Newsletter copies only went up to May of '89. Not to the dates you mentioned. Maybe if I dug deeper?

So, yes, I vote you share some of it. If anything, for old times sake.

It is a good idea.

Marc


PS- DIA... something tells me the 50% ends up holding up for a while, but ultimately gets broke. Again, just guessing is all. Will keep working on it as soon as possible in greater detail to see if anything new stands up.

[jims_id]

Hi Marc

Here's attempt #2 re 1989 TT fax.

[DuaneG]

This was a stock that I came across a week or so ago. I think the base really kept this one from reversing hard after the consolidation. Sorry for the mismatched charts...they were taken from two different .ach files.

Before




After

[MR]

Thanks Jim... a-b-c? .... it still looks like a 1-2-3 after all these years! (joking)


Duane, could you also add a 5/35 Elliott Oscillator and the Elliott Wave to it in before and after mode? That would generate even more interest here if it was labeled a Wave 4 before with supporting PTI and Wave 4 Channels... curious what it looked like with those tools added as well.

[DuaneG]

Hi Marc,

Thanks for the feedback. Here is a slightly different look at the previous chart of STR. In this case, we have a solid PTI along with a pull back to zero on the Get Oscillator. It looks like Wave 4 was slightly re-numbered, but the overall structure was kept intact prior to the breakaway move. Thoughts?

Before



After

[MR]

Duane,

Just as I thought.... if we would have added the Advanced GET discipline to the picture, it would have only helped improve our confidence in attempting a trade with the STR stock. Holding 25% retracement, good PTI, stronger previous posititve value 5/35 Oscillation, plus what you said earlier. If I had known earlier, I would even have taken this trade. If you resized the sample STR 'before' bet you it would have even shown a good target area to shoot for.

Good job again, Duane. Keep the ideas and examples coming. They are very helpful.

Marc

[MR]

U.S. Weighs Borrowing Oil From Stockpile

This news quote just seen in today's news... if mostly for Jim ... we had talked about this subject a few times in this thread the past several months.....

'borrowing' seems different than just opening the tap, but achieves the same short-term objective.

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"U.S. Weighs Borrowing Oil From Stockpile"

"(AP) - The Bush administration said Thursday it is weighing a request from several U.S. refiners to borrow crude oil from the nation's emergency stockpile to help offset supply disruptions along the Gulf Coast from Hurricane Ivan. "Certainly Hurricane Ivan had an effect on the supply of oil imports and production in the Gulf of Mexico," said White House spokesman Scott McClellan. "It has limited some refiners' access to crude oil supplies." He said that the Department of Energy was reviewing the requests."

[DuaneG]

Hi Marc,

Thanks for sharing that article. The first thing that came to mind was your poll, which asked "Who thinks that Crude will hit $50 a barrel before January 1, 2005?". With that kind of news, it would be interesting to see how that poll changes.

[MR]

Duane, don't tell anyone, but I voted it would go to $50.

[MR]

Not to be a Girlie Man or anything, but Martha Stewart's company, MSO, seeing
some Wave 3 action. Makes me want to keep track of it more closely. Will a Type 1
setup develop in the next month or so?(See chart below)

[jims_id]

Hi Marc

Marc:

Maybe that 1989 a-b-c TT fax was more meaningful than I thought when I selected it. With this market drop, I began thinking about one of your June 1 posts which read as follows: " Just thinking out loud... wonder what would happen if the major indicies, many who weekly charts are currently labelled 1-2-3, would end up becoming A-B-C's? Do you think if that happened someday, it might possibly catch trader's by surprise? "

With regards to crude, the way the oil market reacted to the rumor of the "release" or "borrowing", I'm not sure even that would stop the relentless rise. By the way, I'm one of the dummies who voted that it would go below $40.

Jim

[MR]

Jim,

Still waiting to some day see an A-B-C lable pop up! (patience is a good virtue.)

The way crude is going, it could hit $50 within a week, but by the end of this year be back to $40. Don't give up on $40 yet!

Take care,

Marc

[MR]

Here is a PeopleSoft (PSFT) daily chat with some justification for my current trade strategy. If I had unlimited funds,
I would have bought some near the open when it gapped open. Then would add to it when the gap is covered.
Stopping loss below 25% and Gann angles. First target shown on chart.

[MR]

Following up on MSO prior post... it' up another $1.40 this morning.
Really am going to watch it more in coming month. You never know,
a Type 1 setup could be around the corner. -mr

[MR]

Updating a real-time BRCD trade sample

This is an update on BRCD, a real-time trade example I took back on 09-09-04 and posted here that day
it was taken. The inital target was hit. Because I still have confidence in this stocks potential to migrate
higher, I am staying Long this position. When you look at the Weekly, see where it came from. Even a
very minimal weekly rally still shows we are not close to any stronger resistance... so, am staying Long.

(below is orginal and updated BRCD charts)