You'll probably see this wave 4 ascending triangle posted all
over the blogosphere soon enough, but I thought I'd be the first to
introduce it here (courtesy of
PUGridiron).
"The wave [2] correction was a quick and simple A-B-C in
June 2009. Now with the rule of alternation, we get a long
lasting, large ascending triangle for wave [4] from Nov-Feb."
Target = 1200 to 1230, and it could happen in very swift fashion
over the next 1 to 2 months.
That would be one bullish view under the assumption that this
pullback was simply an ABC correction. I would certainly give
this much credence if the SPX was able to get back above 1120.
Bullish reversal candle foretells end of Wave 4 triangle?
Posted by epmaruggi on 5th of Feb 2010 at 07:27 pm
You'll probably see this wave 4 ascending triangle posted all over the blogosphere soon enough, but I thought I'd be the first to introduce it here (courtesy of PUGridiron).
"The wave [2] correction was a quick and simple A-B-C in June 2009. Now with the rule of alternation, we get a long lasting, large ascending triangle for wave [4] from Nov-Feb."
Target = 1200 to 1230, and it could happen in very swift fashion over the next 1 to 2 months.
That would be one bullish
Posted by steve on 7th of Feb 2010 at 01:52 pm
That would be one bullish view under the assumption that this pullback was simply an ABC correction. I would certainly give this much credence if the SPX was able to get back above 1120.
wave 4 triangle
Posted by Michael on 6th of Feb 2010 at 05:38 pm
That's like a backwards ascending triangle.
that looks like a monster
Posted by admagazu on 6th of Feb 2010 at 06:43 am
that looks like a monster broadening top pattern to me... almost always leads to catastrophic failure..