Two Rising Wedges and A Flag
Posted on August 12th, 2008 by MoverMike
Indulge me for a moment. I got to looking at the close of the market; DJIA down 139.88, TRAN down 121.09 or 2.33%, and the UTIL down 9.57 again about 2%. The charts of the three averages is starting to look like rising wedges and a flag..
Click on image to enlarge.
Falling out of the rising wedge would yield a target of 10,925.
Click on the image to enlarge.
A falling out of this wedge would yield a target of 4350.
Click on the image to enlarge.
Faling out of this flag would yield a target of 449.
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