***FINAL TA UPDATE FOR EXEL -- MAJOR TRIANGLE BREAKDOWN***
Not sure how many times I have stated the two words "BEARISH CHART" on this board over the past few months in the face of a rip-roaring market rally...but it has to be no less than fifty, as part of an ongoing "education" to those here who feel the need to spew their cheerleading antics to unsuspecting new buyers. Mind you, many of the "cheerleaders" are simply Hedge Fund lackey's who's job it is to post happy things here.
Now, let's talk a bit about the RESULT of the BEARISH setup that has been transpiring for the past few months. What I'm referring to is a MULTI-MONTH LARGE SYMMETRICAL TRIANGLE that had formed AFTER the stock had taken a swan dive. Why is the large triangle BEARISH, you ask? Because those triangles are very often CONTINUATION PATTERNS...in EXEL's case, DOWN. So, odds were EXTREMELY HIGH the MAJOR TRIANGLE would BREAK DOWN...hence the BEARISH REFERENCE given here repeatedly.
Now, imagine of you will, a large triangle with the very end of the apex of said triangle leading up to this week. The stock ping-pongs from the upper trend line of the triangle to the lower trend line of the triangle until it finally reaches said aforementioned apex. SOme refer to the tight pinch within the apex as "being coiled".
...and coiled it was. The result? A massive BREAKDOWN today, as expected. Odds were high. Unfortunately , I cannot post a link of a beautiful chart I have have showing the triangle but if you look under "market pulse" and scroll down about 8 or 9 spots, you will see that a very astute trader posted the chart and titled it "coiled up here" or something to that effect. This is what TA is all about, folks. This was TEXTBOOK. Anyone who looks at that chart and still says, "TA is meaningless" or "TA is garbage and doesn't work" is in denial (you know who you are).
Sorry for those who were caught holding the bag (again). Remember in the future, A BET ON A STOCK IS A BET ON MANAGEMENT (not the product).