Thursday, April 23, 2009
SPX in a symmetrical triangle.
Any further short squeezing and this thing pops up. If not it pops down. Very dangerous time to be in the market either way. Looks like it plays out tomorrow or Monday. See notes from Stockcharts in the chart. This has net all qualifications to be a pennant and has a 75% chance of breakout to the upside and it is usually a continuation pattern. They do caution against trying to gauge the direction.
See notes in both posts.
That short burst down long move up on the 60m chart is killing me.