weekend charting 29-01-10, page-141

Excellent pitchforkery from various contributors. Some great first timer presentations. Especially pleasing to see my old friend bones131 (former colonel of the Kashmiri irregulars) has taken up posting on this thread, and that one or two others have found Dr Andrews work of sufficient interest to use it themselves. GJ, excellent drawing and presentation style.

This is Hong Kong, which many consider to be a leading indicator of world markets. The main features of note are the breakdown from the IT green fork which has contained the rally since last year, (very bad sign that) and the breakdown from the blue fork which has also broken down through the blue trigger line. Another bad sign.

The red fork is there to describe the decline. For as long as price is in the red fork, I will be bearish.



This is the Nikkei. It broke down out of the green March rally fork a while ago. It has since rallied and tried to break back into the rising green fork, but failed. The current market sentiment is largely trying to deal with this, I believe. Japan is the second biggest market. I suspect that things will bounce at the cross of the red fork's upper tyne, and the yellow fork's ML.

If it breaks below the green 1st warning line, I will be even more bearish, and will increase my bearishness with every subsequent line that it breaks.