Thursday, August 5, 2010
Expanding Triangle Completing?
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.
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