Zeev's Turnips Patch-No Politics (ZEEV)

[tantal]

Newly, been following this conversation, and I just wanted to point out the obvious: candle formations aren't 100% accurate predictors of the future. Noone knows what tomorrow will bring, but Zeev is pointing out that the bearish case for the comp, as strong as it seems based on your analysis, is not supported by other indicators.

Place your bets of course, but I agree with Zeev, the odds favor the bullish move, but of course one should reserve the right to change ones mind and change it often. =)

Thanks for taking the time to lay out your argument. I've been watching the triangle too, and I'm not sure about the previous downtrend being well established for the triangle to favor a continuation of the move. Arguably, the start of the triangle occurs after two long red bars - I'm not so sure this is a triangle formed in a downtrend - if you include the last high, one might call this a descneding triangle in an uptrend.

http://stockcharts.com/snapshots/46728228.png

Weak argument I know, but the argument for the downtrend is similarly weak. It's clearly a triangle, but formed in what trend is the question?