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Further choppy action to the upside is expected for the ending diagonal pattern and it should complete within the a week and possibly within days. Ending diagonals are corrective patterns and can extend further and longer but the action should be maintained with in the apex of the triangle, until a break below the lower trendline identifies the reversal. Many of the indices around the world are also in ending diagonal patterns, so the reversal will be a global event. eg: TSX, HSI, DOW Transports. The other indices covered on the site also indicate that a global reversal is expected. SSEC, BSE, AORD, FTSE, DAX ,SOXX, NIKKEI. We also identified an
ending diagonal pattern in Feb 2007 before the sharp decline into the
Mar lows.  These charts are only a guide so that you can follow the action and watch for the expected topping action in the ending diagonal triangle. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through. If you are interested in viewing these updated charts and other detailed charts with targets on a daily basis, please see the registration details below. Note: We also should see further downside for the metals and further upside for the USD. If you are interested in viewing these updated charts and other detailed charts with targets on a daily basis, please see the registration details here.
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INFORMATION The opinions of FSU contributors do not necessarily reflect those of Financial Sense. |
