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Louisiana-Pacific Corp. Message Board

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  • tubo55 tubo55 Jan 5, 2000 11:43 AM Flag

    highchaser..I have too agree

    The price low occurred at 11 3/8, which would
    negate the possibility at this point of a reverse H&S.
    However, if one counted 11 5/8 as the low it seems there
    could be a reverse H&S. 11 13/16 bottom of left
    shoulder, 11 5/8 the head, and 12 3/8 the bottom of the
    right shoulder. What do you think?

    This would
    project the price to be 16 7/8(measured in price terms),
    which coincidentally or not is right near where the
    next gap is around 17 even though the gap there is
    only 1/16 point. If this occurred and the price then
    went back to the neighborhood of 14 3/4 a reverse H&S
    would potentially be set up with 11 3/8 as the head and
    14 3/4(or thereabouts) as the two
    shoulders.

    If this occurred that would project the price to go
    to the area of the previous 4th wave in Elliott
    terms on the monthly chart. This area would be another
    pausing point if a major low has been seen, or a possible
    top if this is only a short term
    rally.

    Overall,at this point I think a major low has been seen and
    the price should go to the twenties in the summer
    before stalling out for several months(about 5) before
    the advance resumes again.

    Any thoughts?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • In the third paragraph where I said " If this
      occurred that would project the price to go to the area of
      the previous 4th wave", that was wrong. I did the
      math wrong. I do think the price will pause at the
      previous 4th wave, but the reverse H&S I described does
      not project the price to go there.

 
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