(Click On Charts To Enlarge)
From October 31, 2007 (Halloween) entry:
"Bear markets descend on a cushion of hope." At yesterday's close, SILC broke below the BIG Symmetrical Triangle, putting a downside target of 7.54 IN PLAY (the height of the pattern, subtracted from the point of the breakdown)."
I've been reviewing some of my past posts. Chart #1 is from that October 31, 2007 post, when SILC broke down in the $17's. In Chart #2, we can see that the 7.54 downside target MADE earlier this summer, and even beyond that, to 5.29.
Lesson: it pays to take breaks of important support seriously.
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