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Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions.
See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.
Blog Posting: February 13, 2008, Hong Kong ETF (EWH)
The figure shows an interesting development in the MSCI Hong Kong ETF (EWH). Price formed a double top at peaks D and E,
confirmed when price closed
below the valley between the two peaks, at F. Following that, a symmetrical triangle appeared (highlighted by the blue trendlines).
What is interesting
about this symmetrical triangle is that the apex at A often marks a turning point. As you can see, point A is above
C, so I expect the market to rebound here.
That's a guess, of course but if it's correct, then look for a double bottom at B and C
to form and confirm as valid when the ETF rises
above the peak between lows B and C. At a minimum, this should be good for a 5% move up.
EWH Aftermath
Price did move up during the next few days, but that was as far as it got. After I posted my blog entry, I decided to take my own advice and trade this stock. I bought long and lost money when
price tumbled instead of rising. Fortunately, a well placed stop minimized my loss.
-- Thomas Bulkowski
Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions.
See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.
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