Friday, March 20, 2009
A Note On TM
On March 4th I presented a chart on Toyota(TM) showing a possible bearish triangle. This may very well play out as shown, but given the current potential for a multi-week rally, I feel that I should warn readers that any move below the March lows is likely to be false breakdown. In general, I do not take trades against the prevailing market trend regardless of the setup unless the setup is extremely compelling. At the moment that is not the case with the TM triangle pattern. While it may prove to be the correct analysis, I am passing on that trade for now. If I change my opinion, I will let you know.
Posted by R. Craig Pritchard at 8:11 PM