SP500 Triangle

A

Aaron Copland

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.
 

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Quote from lwlee:

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

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.
More...

Technically this is still a downtrend. I definitelly see much greater downside potential . You can use a strangle to capture both directions .
 
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