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Monday, July 19, 2010

PWAV

PWAV looks like a double bottom base, but in the O'Neil system it is a) too short, and b) the second leg down did not undercut the first, making it invalid. It also could pass for a cup and handle pattern, except the handle is too short. In either case, today's breakot, depsite the big move today, looks a little weak, thanks to relatively ;low volume for a breakout attempt, and a severly negative CMF. ATR is also too high for me, although the price relative line does look ok. All in all, not that impressive.

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