This is the 250x3 closing P&F on HSI. This (I think) is a 'diagonalised triple top' ie, not a pure triple top like the signal the Shanghai Index has given but two double top buy signals with a rising bottom (just to say the P&F language for double and triple tops is slightly different to that in candle and bar charts). Here a 'double top buy signal' is where one column of X's moves higher than the previous column. You can however (as with candle and bar charts) have double tops where the index gets to a previous high then moves back. The Dow is an example of an index where the P&F is moving up towards a double top)Normally rising bottoms and rising tops is pretty bullish, but notice the black circle. We had this last year, then the market got to 22,750 and looked like it was going to roll over beautifully through H1 2010, only to confound the bears and move higher.
We are now back at that 22,750 level of previous resistance. A move to 23,250 (filling the 23,000 box) would (on balance) look pretty supportative of those activated upside targets. But can it punch through this resistance?
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