Monday, August 10, 2009

Update on Descending Triangle in Chambal Fert - 10th Aug 09

Chambal fert Chart - Hourly:

Chambal fert gave a good break down from the Descending Triangle on 5th Aug. As it is formed from good harmonic retarcements it took support from the Fibonacci convergence and formed an AB = CD pattern. It reached the targets of the pattern on the same day as I have explained in the previous post. Though it moved up to reach the targets of the ABCD pattern. It didn't trigger the stop loss of the Triangle and reached the triangle targets today.

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