Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

oeo2oo...

I agree the ascending triangle is the best way to read the longer term HUI daily chart, but I think you have to take the most recent high just above 157 as a penetration of the upper boundary which has now pulled back within the triangle.

Ascending triangles usually break to the upside. Since triple tops are rarely valid and penetration theory states that once an area of resistance or chart formation is penetrated a follow through move generally (not always) ensues, I would take those two factors as additional evidence that the triangle will eventually break to the norm (to the upside).

I look for a short pullback (could be very short and shallow) then another attempt.

mlsoft