Case of Symetrical Triangle on SPX and NDX ?

Discussion in 'Trading' started by HedgefundTrader2, Feb 22, 2008.

  1. Trading with SPX triangle ?

    Feb 22nd 2008,

    After two days of selling binges and short sellers orgies, Wall streets homosexuals (I have another word for it starts with a F) came back to their senses and initiated a powerful buy program this time burning their own perma bears and shorts.

    The game was reversed.

    All major indices spent the whole day floundering in the red when the shorts became antsy (since these parasites an ghouls were scalping nickels here and dimes there and they have to go home flat) they started covering... that’s when the buy program hit their asses blowing them over board into the deep filthy waters where they come from.

    We heard about the SYMMETRICAL TRIANGLE being formed on SPX and were supposed to be resolved to the down side? What happened there? Did the bearish mongering Technicians go wrong? How come we didn't break out to the down side as we were supposed to? These triangles resolve about 73% of the way into the converging trendlines.

    It was another lie to take your money. To make you complacent.

    Just remember in the symmetrical triangle on SPX and NDX the trend was from the upside move from Jan 22nd lows and in 54% cases according to BULKOWSKI'S REFERENCE handbook and manual for trading " ENCYCLOPEIDIA OF CHART PATTERNS" it resolves in the direction of the trend. That means in the other 44% cases it can go the other way.

    But you will not hear that from Market Technicians on Alpha Trends Blogspot in their nice canned video I saw yesterday. They do not have a clue, or of if they have a clue go read page 748 in this classic textbook on chart patterns which is a reference manual for any trader and a must have.