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FTSE - It was in the Chart
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Posted on 11/26/09 at 11:30pm by Sleibhin
The headlines stated that the Dubai mess was the reason for the precipitous drop of several of the Indices around the world.
For the FTSE the WARNING was there in the chart* if one believed in short term chart patterns. During the 7 sessions prior to 261109 a Descending Symmetrical Triangle was formed . With a Top of 5385± and a Base value of 5224 the potential drop was 161 points. Using a trigger level of 5330 the downside target was 5169. Came up short by 20 points - close enough for by any standard.
* No chart as Benzinga upload not working.
Same story for the SPX . Will post later.
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