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On 11 January, I had a post titled "Healthway Medical: A beautiful symmetry." In that post, I said: "I am a believer in chart patterns. See how the cup formation troughed at 9.5c and topped out at 14.5c? The target price in case of a breakout of the top of the formation is just a projection of the trough to the top and beyond which gives us 19.5c. This target price was reached in just one week from the midpoint of the cup pattern at 12c."
Now, I observe a similar symmetry in Healthway Medical's chart once more. Recent bottom was formed on 11 Feb at 13.5c before price moved up, formed mini ascending triangles before breaking out on 3 Mar. The neckline? 16c. Target price of the mini ascending triangles would be a projection of the bottom at 13.5c to the neckline at 16c and beyond which gives us 18.5c which was hit on 9 Mar. OK, interesting geometry lesson. Now what? Read more...[caption id="attachment_4574" align="alignright" width="150" caption="Photo by fdecomite"][/caption]
On 11 January, I had a post titled "Healthway Medical: A beautiful symmetry." In that post, I said: "I am a believer in chart patterns. See how the cup formation troughed at 9.5c and topped out at 14.5c? The target price in case of a breakout of the top of the formation is just a projection of the trough to the top and beyond which gives us 19.5c. This target price was reached in just one week from the midpoint of the cup pattern at 12c."
Now, I observe a similar symmetry in Healthway Medical's chart once more. Recent bottom was formed on 11 Feb at 13.5c before price moved up, formed mini ascending triangles before breaking out on 3 Mar. The neckline? 16c. Target price of the mini ascending triangles would be a projection of the bottom at 13.5c to the neckline at 16c and beyond which gives us 18.5c which was hit on 9 Mar. OK, interesting geometry lesson. Now what? Read more...
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On 11 January, I had a post titled "Healthway Medical: A beautiful symmetry." In that post, I said: "I am a believer in chart patterns. See how the cup formation troughed at 9.5c and topped out at 14.5c? The target price in case of a breakout of the top of the formation is just a projection of the trough to the top and beyond which gives us 19.5c. This target price was reached in just one week from the midpoint of the cup pattern at 12c."
Now, I observe a similar symmetry in Healthway Medical's chart once more. Recent bottom was formed on 11 Feb at 13.5c before price moved up, formed mini ascending triangles before breaking out on 3 Mar. The neckline? 16c. Target price of the mini ascending triangles would be a projection of the bottom at 13.5c to the neckline at 16c and beyond which gives us 18.5c which was hit on 9 Mar. OK, interesting geometry lesson. Now what? Read more...
