SP500 Triangle

Discussion in 'Technical Analysis' started by Aaron Copland, Feb 25, 2008.

  1. Still waiting. It's hard to say what will happen. I have heard alot of predictions for downside move out of this pattern.

    Just the fact I am hearing so mauch about it is not good. The pattern may just bump along, or we may move higher.

    We have many resistance levels waiting.
  2. lwlee


    With the recent price action it appears higher is more likely.
  3. Maybe, month end is in favor of the bulls. Index Futures contracts will be rolling over in several weeks.
  4. >Aaron Copland

    Regarding the triangle pattern you posted, it looks
    as though you have used the bottom of the reaction
    at 1410 as the starting point of the pattern. I think
    you might find that a triangle pattern (symmetrical,
    ascending,descending) starts at the end of a move,
    which establishes its first reversal point. Please take
    a look at a daily bar chart for Gold for the last 5 months.
    You can see two triangles there. Also, you might find
    that bar charts better define chart patterns.

    Please don't misunderstand that I am criticizing your
    analysis. Just offering my opinion.
  5. Technically this is still a downtrend. I definitelly see much greater downside potential . You can use a strangle to capture both directions .