Etika’s triangle

Hello all,

I was scrolling through my watchlist of charts when I saw Etika’s recent drop. I have one other post on Etika, 5FR.SI. That post was talking about a potential symmetrical triangle. Right now, I see Etika as being in a busted symmetrical triangle. What that means is, Etika broke up from the triangle, only to reverse and drop forcefully. If I was in the trade because of the triangle, I would have been busted.

I look at the apex of a triangle and the last trough in the triangle as support/resistance levels. In this case, it would be 45 or 45.5 cents. Etika broke below that, made a mini rally, but plummeted more than 12% to where it is now. Now that this triangle is busted, I have a downward projection of the 36 – 37 cents region. Let us see what happens next.

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  1. HC
    Posted February 17, 2011 at 3:55 PM | Permalink | Reply

    The next level of support will be at 0.365%. Not sure if I draw the fibonacci retracement correctly but it is based on my own analysis. I think I got busted too 😉

    • Administrator
      Posted February 17, 2011 at 4:03 PM | Permalink | Reply

      Hello HC,

      You meant 36.5 cents? That’ my target. Good.
      Sorry to hear you got busted on this trade. Oh well, just have to move on.

      Thanks for supporting this place.

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