News from across the continent
20/10/2012 01:38:25 PM
16/10/2012 09:16:46 AM
14/10/2012 09:26:35 PM
09/10/2012 09:12:48 AM
04/10/2012 06:54:10 AM
30/09/2012 11:06:33 AM
28/09/2012 08:30:30 AM
27/09/2012 05:22:56 AM
Publish Date20/10/2012 01:38:25 PM
Last Update20/10/2012 02:01:50 PM
After placing the significant top of 5932.00 on September, 14 the movements of the index have been dominated by a fine Fibonacci rhythmic that created a potential bearish harmonic Gartley pattern as follows:
Click on the image for a larger view
Actually, the reversal started between 88.6% and 78.6% of CD leg didn’t form an ideal pattern but the D point has met 127.2% Fibonacci projection of BC leg while the index has respected the golden rule of the Gartley pattern via placing the B point at 61.8% of XA leg.
The first technical objective of the pattern at 38.2% Fibonacci retracement of the CD leg is under attack while MACD, AROON and RSI 14 continue to offer negative signs suggesting further debasement towards 5795.00 where the second targtet of the pattern at 61.8% Fibonacci of the CD leg exists.
On the upside , a break above 5900.00 will negate and give us a rational technical reason for concern.
Opinions expressed at ICN.com are those of the individual authors and do not necessarily represent the opinion of ICN.com or its management, shareholders, affiliates and subsidiaries. ICN.com has not verified the accuracy of any claim or statement made by any independent writer and is reserved as their own and ICN.com is not accountable for their input. Any opinions, news, research, analysis, prices or other information contained on this website, by ICN.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. ICN.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market prices, meaning prices are indicative and not appropriate for trading purposes. ICN.com does not bear any responsibility for any trading losses you might incur as a result of using this data.
©2012 ICN.COM. ALL RIGHTS RESERVED