Not that it matters but I wouldn't call that a triangle, more like a down channel or falling wedge followed by an up channel.
Some things I remember to keep in mind on trendlines:
- the cash index, 24 hr futures contract, and index ETF can all have differences in their corresponding trendlines.
- the major indexes (Dow, S&P, R2k, Nasdaq) will often have differences between their corresponding trendlines. Note today's SPY breakdown was already a DIA breakdown yesterday.
- trendlines on a log scale chart will often come out a little different than trendlines on an arithmetic scale.
- trendlines drawn on line charts will come out differently than those drawn across wicks on candlestick charts.
And the longer the trendline the greater the chance for differences. Not huge differences but enough to make the difference between a breakout and not a breakout, or trendline hit and trendline failure. What all of this means I don't profess to know. All I do know is there are many ways to draw trendlines. Which means there are a lot of places to go wrong, and this can provide fertile ground for tricking yourself with hindsight observations that never work out so easily in real-time. Believe me I know from experience.
