After reading an article, I decided to try some TA to figure out what they were seeing and why. Had to move out to the Monthly charts to really get a clear picture.
We know it's coming.. Question is, when.. sometime in 2016, Oct-1st estimated here?
We'll have to break above 2400 to fall within the 53% that will exit upwards.
"Here are some statistics about the symmetrical broadening top:
- In 53% of cases, there is an upward exit
- In 75% of cases, the target of the pattern is reached by taking the maximum height of the triangle. With a downward exit, the percentage felt to 64%
- More than 72% of cases, downward breakout occur when the price is into the highest third of its annual range. No bullish breakouts have been identified into the lowest third of the annual range."
We know it's coming.. Question is, when.. sometime in 2016, Oct-1st estimated here?
We'll have to break above 2400 to fall within the 53% that will exit upwards.
"Here are some statistics about the symmetrical broadening top:
- In 53% of cases, there is an upward exit
- In 75% of cases, the target of the pattern is reached by taking the maximum height of the triangle. With a downward exit, the percentage felt to 64%
- More than 72% of cases, downward breakout occur when the price is into the highest third of its annual range. No bullish breakouts have been identified into the lowest third of the annual range."