|
Written by and copyright © 2005-2018 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 © 2005-2018 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.
Welcome to Psychiatric voice mail. If you have multiple personalities, please press 3, 4, 5, and 6.
|
If you buy ANYTHING, they pay for the referral.
on 