Friday, August 26, 2011

MA Forms A Triangle

Mastercard, MA, is trading above its July high and appears to have formed a wide and loose symmetrical triangle.  Today's action in the markets points to higher prices and a breakout of the triangle targets 360+.  However, triangles always precede the last motive wave at a given degree of trend, so if you choose to trade this one be ready to exit quickly.  The short duration of this triangle suggests a thrust higher would only last 4 to 6 days.

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