Thursday, August 5, 2010

Expanding Triangle Completing?

Click on Chart to Enlarge

As the current move up has gotten bigger, that opens up the possibility that an expanding triangle pattern is forming in the S&P 500 and Dow. With the loss of momentum on the hourly chart such that there may be a significant correction, I am open to the possibility of a pattern completing here.

It would be nice to see a candlestick reversal pattern soon if this is the case. I would like to see the 1131ish highs on the S&P exceeded and then closed below, just to clear the air a bit. So a bearish engulfing or shooting star tomorrow may do the job.

No comments:

Post a Comment