Projected Target if S&P Has Upside Triangle Breakout? (Chart Attached)

Discussion in 'Technical Analysis' started by MKTrader, Oct 29, 2008.

  1. MKTrader

    MKTrader

    If the S&P breaks out of its triangle-type pattern and its Oct. 14 high (1044), what would the projected target be? I'm not a strict chart pattern trader, but I know there are ways to calculate relatively high-probability target areas.

    Thanks in advance.
     
    #1     Oct 29, 2008
    Share
  2. nazzdack

    nazzdack

    1) ?......upside target? September's low. We'll see. :cool:
    2) Generally, a "wedge" is a continuation pattern where the expected breakout is in the direction of the trend preceding the wedge. The market did sell off last week from the "point" of the wedge but there should be more follow through to the downside. We'll see. :eek:
     
    #2     Oct 29, 2008
    Share