Head & Shoulder Threat
Straits Times Index :On the Point and Figure chart, STI is forming a symmetrical triangle. Not much conclusion can be drawn yet except to wait for the breakout ( on either side ).
On the daily candlestick chart, there is concern of a potential head and shoulder pattern being formed. However, it is still premature to draw the conclusion at this time. But it is definitely something to be cautious about when considering to add new long.
The next 1 ~ 2 weeks movement will be crucial !
The next 1 ~ 2 weeks movement will be crucial !
Dow Jones Industrial Index:
The monthly chart is currently in Parabolic SAR sell phase ( bearish ).
Daily chart looks set to have a head and shoulder pattern formed pending for completion ( confirmation ).
Daily chart looks set to have a head and shoulder pattern formed pending for completion ( confirmation ).
Labels: Market Direction
posted by Market Wizards @ July 05, 2010
Comments: 0
