27th JAN - Cable remains delicately poised
27 January 2012
TECHNICALS:
MONTHLY CHART
The market has ( for the moment ) retreated from the completion of a bear continuation triangle – formed at the important long-term rising diagonal from 1984.
That is the lower diagonal of a bear rising wedge – the completion of the Triangle would thus signal the completion of the bear wedge.
WEEKLY CHART
Here is the detail of the Triangle and the structures apparent within it.
Again we see a bear rising wedge.
But more importantly, note well the Head and Shoulders reversal - close to completion.
A completed H&S pattern would be a catalyst for the completion of the bear triangle.
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