redback report, week ending 1 march, 2013, page-9

Hi Mungo,

Here's a chart and comments in reply to your second question.

I think this chart shows the rising wedge you are referring to?

At this stage, it's a rising wedge. Generally bearish. But we need to see which way it breaks. Bulkowski quotes a figure of 69% for a downward breakout. That's fairly reliable. A bit better than 2:1.

No point in pre-empting the market?

As you point out, if it breaks lower through support, a hefty correction looks likely.

Redbacka