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Thanks to all of you who responded from all over the world in our latest "What do you see in this chart?" quiz. The goal of the series is to see patterns in charts, without knowing the asset, price or date. Here again is the quiz chart.
As with our previous quizzes, I received emails from all around the world. Score card, 1 correct. Like with our first quiz, some people wondered if the chart was upside down. Now who would turn a chart upside down on a quiz? [hint]
Here is the answer — right side up.
This Bank chart suggests that investors should be very cautious due to the large rising wedge that ran out of steam and broke lower support at Fibonacci resistance. Banks are a key industry and stock market leading indicator.
This pattern in the bank index offers another "Power of the Pattern" reason to harvest at the peak, in other words, to apply risk management strategies.
Again thanks to all who shared thoughts via email. Best wishes until the next quiz date.
Chris
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