Mid points - Tue, 27 Apr 2004

I just want to quickly highlight to you once again the importance of mid points. Note on acu how the stock went sideways around the mid point of the previous run, oscillating pretty much between the fibonacci points. This is common. The stock then broke upwards exactly from the mid point, out of a triangle type shape. No news as yet, but would you say there is some coming ???. Since no news, the buy is still on. Any break into all time highs even more bullish, then you could measure the repeat run on the weekly range for the next high. Should we get a new all time high, watch for the Feb high to become a mid point itself. Even if you don't trade it, watch it, as this is the best way to learn a bit about what Gann had to say about price measurement.

Again, even if you missed the February run, always put such new highs into your watch list, and continue watching, continue measuring, and be alert for mid points - especially volatile biotech stocks i believe. Looks to me as though this sector may again be coming to life after recent heavy sell off. Keep an eye on the sector.

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