update on failing catapult.getting very close to being bearish.if it retraces and then breaks down from this level.the target/downwards from the vertical count is 16% away
mistake made..total breakdown is approx 16%.we already have had 5%.so maybe another 10 %...if it colmpletes just an opinion
This was originally posted some time ago... Not sure you got your answer yet - you'll find some info at the bottom of this page: http://stockcharts.com/def/servlet/SC.scan You may also want to use net changes in the BPI's for various universes. Bear in mind the BPI's have no correlation to price, however (of either stocks or indexes).
Let me thank you for beginning this thread. You should stay aboard. It's a bit serendipitous that I happened upon it. I got through the first several pages and had to fast forward to the (current) end. Then I started going backward page by page. I aim to read the entire thing this weekend. I hope you reconsider staying active - I aim to be a part of this thread. PnF is a very misunderstood craft. Moss
(I'm up to page 70-something now...) LOL - postscript: It nearly did go to zero. Px objectives in PnF have a high degree of validity, but must be taken in the proper context of the classic chart construction/scaling and the configuration of the market and BPI's.
Tom Dorsey and Watson Wright ran the options strategy department for Wheat, First Securities in the 80's using nothing but Point and Figure. (They stepped out on their own in early '87; their first market call for clients was to raise cash - that August.)
1) Good call - there is no reason not to know about events such as this when holding a name for any duration longer than a swing trade, and even then you can use options. (EMC, June 1998 is my nemesis, 24000 shares for clients... 62 one afternoon, 38 the next morning pre-market in Europe) 2) Very feasible provided you understand the overall trend of the market; having 5-6 tight losers, 2 market performers and 2 outliers is achievable with many strategies, and is easily accomplished with this methodology. Again, market trend first.
This post is from 05/2008... Abe Cohen devised the BPI from PnF charts in the mid 50's. Investors Intelligence has it for subscribers, but it's available here (back ten years): http://stockcharts.com/def/servlet/Favorites.CServlet?obj=msummary&cmd=show,iday&disp=SXA (Bottom of page) This index was on defense beginning in June of 08, and I'm anxious to see the next several months of posts in this thread.