anz to rebound like a rocket , page-20

Tawnyport,

I can't post a chart so I'll have to describe it...

1. High at around 31.50 (double top actually)

2. Decline to around 19.50

3. Lower double tops at around 24.00... these correlate to a 3/8 retrace of the decline (or 38% for fib peoples) which is a very normal counter trend retrace.

5. Breach of the 19.50 neckline.

6. Two rallies to the 19.50 breach (I shorted at the top of the second rally) and then down from there.

The last week or so has been a nice gap fill but I don't expect to see any more upside. Of course I could be surprised but it looks like a very normal lower double top to me with an expected range below the neckline equal to the range above. That puts the target at about 8.50 but 9.00 will do me.

If you're interested in finding another example of a lower double top have a look at the daily chart for MQG last year. There's plenty of others out there if you go looking.