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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj


Sunday 7 February 2010

HSBC



The counter-trend rally failed at the 38% retracement level and the decline has resumed.We have taken out the last 2 swing lows now,giving a swing chart sell signal and have a first lower high,Gann's "safest place to sell").In conjunction with the triple top this is a pretty negative chart suggesting a fast decline,perhaps into a March low.
The weekly chart shows a probable head and shoulders pattern with a bearish weekly engulfing candlestick at the neckline.

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