Banking Index chart

tenteddies · 发表于 2010-8-23 09:54 AM

Last week, we posted the Banking Index chart again and discussed its impending breakout of a triangular pattern.  As you may recall, the implications were for a 10%+ down move if it broke to the downside.

Well, it broke to the downside, BUT ... we pointed out that a historical oversold pattern showed up at the same time.

To see the oversold pattern, take notice the Ultimate Oscillator level that I added to the chart and look at labels 1 to 4.

Each occasion was a bottom for the Banking index and it moved higher from there.  I mention this because the Banking Index's Ultimate Oscillator reached a level of 27.9 on August 11th. If the pattern of the past three occurrences holds, it would infer that the Banking Index has hit a short term bottom and will move up. However, to replicate the previous patterns fully, it needs to continue moving up to over 50 on the scale now.

slcgh · 发表于 2010-8-23 03:21 PM

donkeygirl · 发表于 2010-8-23 03:34 PM

thanks

开小差 · 发表于 2010-8-23 03:41 PM

thx, ding

Kami · 发表于 2010-8-23 05:04 PM

ppteam · 发表于 2010-8-23 05:34 PM

LOL
so, what's the conclusion? Triangle broken down to hit the target? Or bounce from Oscillator oversold?

southware · 发表于 2010-8-23 06:02 PM

谢谢

sooners · 发表于 2010-8-23 09:59 PM

回复 1# tenteddies

COS · 发表于 2010-8-23 10:38 PM

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