Since the reverse symmetrical triangle in March that appeared at all time highs in an uptrend ended up being a correction signal, could the reverse sym-tri taking shape now, in a downtrend, be signaling a short term rally? Considering over sold conditions and the hitting of the 200 day sma, it is very possible if not probable. This is a potential short term signal only. HUI needs to reverse immediately back above the neck line noted yesterday on the COW, or this signal is likely to end up in the scrap heap.
Friday, April 25, 2008
HUI Reverse Sym-Tri... Turnabout Fair Play?
Since the reverse symmetrical triangle in March that appeared at all time highs in an uptrend ended up being a correction signal, could the reverse sym-tri taking shape now, in a downtrend, be signaling a short term rally? Considering over sold conditions and the hitting of the 200 day sma, it is very possible if not probable. This is a potential short term signal only. HUI needs to reverse immediately back above the neck line noted yesterday on the COW, or this signal is likely to end up in the scrap heap.
