Symmetrical triangles tends to resolve to the primary trend.
Currently, DOW, NASDAQ & S&P are forming symmetrical triangle. Looking at the primary trend, it points to a general down trend for daily charts, weekly charts. So, we can generalize that the tendency is for market to move lower in the short term.
There has been a inverted head and shoulders patterns for the intra-day charts but they failed to form and these will lead to further break downs.
Similar pattern is spotted on the STI. Daily and weekly charts showing primary trend is moving down. So, it is expected that the short term rally will tend to fail and resolve back into down trend.
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- ES Sei
- I'd like to share my experiences and knowledge about healthy and happy living as well as mid-life crisis. 不以物喜，不以己悲。
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