>> I don't think we can buck the power
of this triangle. Don't laugh !!!
These things are whacky !!! They really have to go to the apex, which
I see as late Tuesday or sometime Wed thru Fri.<<
Bruce,
I am not trying to rain on your parade, but as I have mentioned before, triangles are probably one of the worst technical formations to trade off of. I am just afraid that some people may be reading this, and thinking it has some validity. I have never done a statistical analysis of the success of symmetrical triangles braking out to the upside, when contained in an uptrend, but it has been my personnel experience that it is just a little better than a coin toss. I am long IPM, and have been for a long time now, but I would not make a trade based on the current triangle. Also, I am not sure where you have read about triangle, but generally you don't want to see them reach the apex. It is far better if they break out to the upside before they get there. If it reaches the apex, it lessons the chance of a successful breakout IMHO. It is going through a classic consolidation period now, and looks more on the weak side than the strong side to me. I hope you are right, and things take off to the upside, but personnaly I will sit and watch for the curret situation to resolve itself a little better before I trade off of it. |
