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.
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The trendlines have formed a
SPX 5 Triangle
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.