Here's one chart that I forgot to include, it's the daily chart
of the SPX, it's still holding the uptrend line from the March Lows
for now; 1039 is an important support level as well.
Is your count that we are in the middle of wave 5 or e (A
complete, B in progress or complete with C still to complete down
and complete 5th or e wave?) which may touch the bottom of the
triangle and breakout to the upside? (I guess, just the
contrary view of some earlier posts.) Thanks.
The trendlines have formed a triangle BUT the problem I have is
that not all the waves within are 3 wave patterns which bugs
me. The triangle would be abcde with ace on the bottom which
would resovle UP if it were truly a legitimate triangle. The
triangle target would be at least 1078 on the SPX. Just
respect a decisive break of the pattern for the near term.
Key short term pivots are 1041 support and 1069 on the SPX.
I have attached a chart below showing the placement of the
abcde. I will review things tonight.
SPX 5 Triangle
Posted by steve on 30th of Sep 2009 at 03:57 pm
Daily chart of S&P 500
Posted by matt on 30th of Sep 2009 at 04:55 pm
Here's one chart that I forgot to include, it's the daily chart of the SPX, it's still holding the uptrend line from the March Lows for now; 1039 is an important support level as well.
Is your count that we
Posted by billr on 30th of Sep 2009 at 04:37 pm
Is your count that we are in the middle of wave 5 or e (A complete, B in progress or complete with C still to complete down and complete 5th or e wave?) which may touch the bottom of the triangle and breakout to the upside? (I guess, just the contrary view of some earlier posts.) Thanks.
spx 5 triangle
Posted by brallen1 on 30th of Sep 2009 at 04:30 pm
Hi Steve, Are you proposing that this is a symmetrical triangle a,b,c,d,e, then down?
thanks
The trendlines have formed a
Posted by steve on 30th of Sep 2009 at 04:48 pm
The trendlines have formed a triangle BUT the problem I have is that not all the waves within are 3 wave patterns which bugs me. The triangle would be abcde with ace on the bottom which would resovle UP if it were truly a legitimate triangle. The triangle target would be at least 1078 on the SPX. Just respect a decisive break of the pattern for the near term. Key short term pivots are 1041 support and 1069 on the SPX.
I have attached a chart below showing the placement of the abcde. I will review things tonight.
About that triangle
Posted by perthx on 30th of Sep 2009 at 04:09 pm
Sorry for the novice style question, but the triangle can break out either way to show us the direction?? Or is there a bias to the downside???