Wednesday, May 13, 2009

DAX 2 hour charts Diamond formation?

Extract from Edwards and Magee  "  Technical Analysis of Stock Trends"
"Diamond is not a common pattern. Since it's development requires fairly active markets, it RARELY occurs at bottom reversals.  It's "natural habitat" is Major Tops and high volume tops which precede extensive Intermediate reactions.  generally the new trend carries WELL beyond the minimum retracement. "
LET's see which way it breaks!!

Minimum targets....

on downside 4640

IF it breaks higher..5101 roughly

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