ING (NYSE) Short harmonic ratios apply

Normally I look into patterns only on Dutch stocks and index, but as of Dutch ING N.V (inga) is going flat and closed today slightly higher while stochastic lowered. It got my attention to look into more detail.

The Dutch AEX-index is still going flat after hitting 484 and a bit in FTI (future contract), so did the major financial stock in the index. It goes flat, and in candle patters the valid short pattern is building up power and more power.

It may seems possible that time is not yet in place and we may have to wait till 3rd of January. However the price harmonic is perfect.

Heads up for selling into strength, point D with 14.68 dollars is an hot level, I will place my stop at 15.00 dollars or if for tape reading skills I have an ultimate stop at 15.50dollar.

In general this trade would be a good scalp based on risk:reward ratio. Even I am not confincend that we have a top in the financials yet.

Hope you like this simple analysis and you may add some thoughts below in the comment field.

Best to your trading!


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