Technical Analysis of Financial Markets

Tuesday, August 05, 2008

Dow - Symmetrical Triangle

After a 21% decline between May 19 and July 14, the Dow is consolidating into a Symmetrical Triangle formation. An Elliot Wave a-b-c-d-e triangle forming in a prior downtrend with a base range of approx 900 favours a downside break targetting 10,600 approx. Trade in the direction of the breakout from the triangle apex for a low-risk position.

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