Big day for tech analysis...Triangle broken!

J

joezapp

Hello all. Been following this triangle for about 2 weeks now. The perfect triangle began September 7 and broke this morning. We all knew that it would end very soon, with a major breakout to the upside or downside. Well, it's confirmed to the downside.

So the next important thing to place close attention to is...Will this be a double- bottom just below 18000, and then off to the races? Or will we break below that support level to correction territory? For the record, a correction would be at S&P 1974, and the bear would be at S&P 1755.

Looking for technical discussion on which way this will go, and what past history reveals. Last year at this time, it was double-bottom and off to the races.
 
Yea - been watching that triangle - the DJIA (YM) showed good relative strength today, nearly rallying back into the triangle. On big down trend days like this it makes it easy to spot which index and which stocks have the best relative strength to play on the next rally and vica versa - which ones are ripe for shorting.
 
Its hard to notice the triangle if you follow the stock indexes - even most non technical traders have taken notice of the triangles formed in the indexes.
 

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comagnum said:
Its hard to notice the triangle if you follow the stock indexes - even most non technical traders have taken notice of the triangles formed in the indexes.
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I believe you meant it's hard "not" to notice the triangle?
 
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