POINT OF MAXIMUM PESSIMISM _ Halliburton

This is an outline for a model for a price pattern that I found back in 1990 while I was the technical analyst for a Wall Street Institutional Brokerage Firm. I simply called it "The Point of Maximum Pessimism" because this progression of price action just seems to create the psychology that is present at a major market bottom. I just stumbled onto this chart and felt like sharing it with you all. I hope you find it useful in some way, shape or form. Some of you will look for an Elliott Wave analysis to explain the psychology present at the yellow circle or perhaps find some something else, but I think it is just a great example of how someone watching a stock chart over time thinks and feels. When the last person has sold their stock, then magically the stock bottoms. If you find others, please feel free to type the symbols in here for us all to see. Cheers. Technical Tim, Jan 20, 2012, 1:16AM EST