Technical Analysis of Financial Markets

Wednesday, January 02, 2008

China Mobile Ltd. (CHL) - Symmetrical Triangle


2 comments:

madhatter said...

completely agree on this, great setup. you playing it? stop below 82.45 or so? or are ya waiting for the upside breakout?

stevepuri said...

It's always easier (and safer) to trade in the direction of the breakout. However, if you're brave enough, check out a brief snippet on Elliot Wave analysis with Triangle formations over here: http://www.lbma.org.uk/publications/alchemist/alch43_elliott3.pdf

Also, it may be worth noting, a breakdown rather than a breakout could form a bearish Descending Triangle pattern: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_