Market forming triangle meaning continuation to the downside

Discussion in 'Trading' started by Port1385, Nov 10, 2008.

  1. Last time I thought we were in a triangle and then the triangle was destroyed...but I still think we are in one. More downside to follow.
     
  2. The breakdown will probably come right after December with the target being 670. Too much bullishness right now for a true bottom.
     
  3. Your giving too much love to the bottom line. It doesn't have that steep of an angle, theres only 6 point difference between first low and second low. But, thats just nitpicking.
     
  4. The events that will trigger this are the following:

    - GM, F and MS declaring bankruptcy (all at once). Im expecting MS to go under right after F and GM.

    - Standard and Poors downgrades the credit rating of the United States

    - Iraq and Middle East flare up as troops are hastily pulled out.

    - Other concerns such as Pakistan and India flaring up. Terrorist attack is ripe for happening now.

    The true bottom will come towards the end of 2009 when unemployment is somewhere above 10% and we cannot take anymore. That will be at 670 when everyone is screaming and crying and cant take anymore. Then that will be the bottom, the true bottom.
     
  5. W4rl0ck

    W4rl0ck

    Commercial RE.

    LVS Adelman can't finish some buildiings in Asia and Trump can't finish a building in Chicago due to financing as we speak.

    It's going to crash.
     
  6. Your triangle, somewhat crude, ends about inauguration day.

    I do see the market chopping until then. Once Obama is in office he will go nuts with the liberal programs and spending money that would embarrass W. Bush.

    Then I see that 250 pt drop in the ES
     
  7. The triangle has been breached. Price target should be 645.