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DT & all,
Some break to the pattern must be coming, but in keeping with Edwards
and Magee, these triangles that extend too far right (somewhat
subjective) tend to peter out into meaningless sideways action. The
Nikkei at the moment looks like a classic case.
Who would bet large right here, either way? Not me.
The only nice thing about this pattern is, it gives pretty good
signals (at least very near term) when it is decisively broken. The
other good thing is that I was in Cairns and Sydney (precisely,
Hunter Valley, getting well numbed on Shiraz Cabernet [which doesn't
particularly thrill me anyway, sorry, Greg Norman] in 40 C
temperatures) when it rolled over in October -- I was looking higher
at that point, but presciently went on vacation anyway. ^^_^^
Somebody wake me up at 11,500, or 10,500. Until then, I'm on
vacation.
Yuki
P.S. I attach *zero* significance to today's move lower. It was
futures dominated, and could easily reverse tomorrow; volume was
unconvincing to say the least. I am as flat as (insert your favorite
sexist simile here). ^_-
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