- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Wednesday, 18 May 2011

RIMM - Massive Support Break

I posted the longer term RIMM chart a couple of weeks ago and said that if RIMM broke the six year support trendline that would be a massive support break. The market has spoken, and it looks like bad news for RIMM:
Now triangles can sometimes break one way and then resolve the other, but whichever way you cut it a trendline break of this magnitude is a very bad sign indeed. The downside target for the triangle is in the 35 area if the target is taken as the bottom of the triangle, and 21 if calculated according to Bulkowski's rules. Bulkowski's rules take the full technical target for this triangle break, which in this case would be an ambitious -6, and adjust it for the 48% probability of a symmetrical triangle reaching target on a downward breakout.

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