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[sharechat] Swing Chart

From:	Phaedrus <Phaedrus@techemail.com>
Date:	Sat, 26 May 2001 15:29:13 -0700 (PDT)

Nick,
The chart told us the uptrend was over. Up to you whether you sell or not. "Therefore it must have been pointing towards future weakness" Not at all. The future could be a consolidation zone years wide, a short down trend followed by another uptrend, a meltdown, anything. We only knew that the uptrend had ended.
You are absolutely right, it is only after the event that these things are revealed. It was only when we got a lower peak that we knew the trend was weakening. It was only when we got a lower low after that we knew it was over. That is why it is impossible to buy at the top or sell at the bottom. These points are only defined as such by later price action.
If you have any further queries abut this, contact me directly.
Phaedrus.

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