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Friday, July 6, 2012

Formula for Price Targets Part2

Wow! Straits Times Index missed my estimated target per "formula" by 2 points on July 4 2012. As I suspected, it exceeded my estimated target yesterday - July 5 2012.

Look at the STI chart. Haha, I always forget to use a line chart to draw. It hit exactly at the top trendline of the triangle!

Beware!

Will STI continue to trend within the Triangle? Or will it breakout?

I found a very similar chart pattern in a book written in the 1930s - a diamond top, a head & shoulder top, a megaphone top for the left shoulder, a triangle for the right shoulder. See my previous post on STI Chart Pattern.

Wow! Guess which way it went?

Will history repeat?


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