Wednesday, October 27, 2010

10/27/10 - Triangle Update

SPX - 5/23/10

SPX - 5/27/10

I'm reposting this triangle chart since I didn't have access to my StrategyDesk platform earlier when I posted the EOD update.

The top chart was posted on Saturday 5/23, Weekend Thoughts. When I posted that chart, I speculated on how we would arrive at this triangle.

I didn't get a chance to look at this exact chart at EOD and posted with TOS earlier tonight. Take a look at the end result. Coincidence? Man that's pretty cool.

Earlier I posted that [D] may retrace 61-81% of [C] but it can very well travel back to the beginning to form an ascending triangle as speculated in the first chart above.

Anyway. I know this post is redundant but wanted to stress that perhaps this is what the market wants to do.

I just wanted to add some channel support
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