Discussion in 'Technical Analysis' started by myminitrading, Jul 20, 2006.
Which way is it gonna go?
standard triangle rules say that symmetrical triangles are continuation patterns, so you would assume higher.
But, you never can be sure
I remember this one well, nice gap, and the race was on.
i think this one breaks to the downside
I had a put but now waiting for a rally to get short again
since predicting the future is always a good idea and an accurate endeavor here is my two cents:
these guys are too far out of the box...just when everyone has them pinned down, they will do something unexpected like release a free OS to compete with Microsoft's bloated Vista....in short, it is going much higher.
also, as has already been mentioned, the triangle is a continuation pattern. i think the technique for deriving a price target is the width of the triangle projected from the breakout...
(i do not, and have never owned goog, but will now be giving it some thought)
*by width i mean height
it looks like it broke to the downside but no follow through so far; although the market has been rallying.
Interestingly, it is holding below 391 area which is what appears to be the bottom of the triangle, is that part now resistance?
Ideally you want to see a strong move on a break of a triangle (as we all know). I think the longer it takes the more suspect it gets.
Of course, it could be a false breakdown and we get a short squeeze back into the triangle or the other way.
This week should be interesting.
aapl may well be on a mission now...its been rally in a terribly familiar fashion; stalkin' the sob and lookin' to initiate longs.
Symetrical BS...just buy and go long for couple months if you wnat to make easy money
Completed the C of W2, now on W3 and will eventually hit the $280 area.
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