Yesterday I mentioned that the triangle had not been ruled out yet and today, the market bounced hard at the lower trendline of the triangle I have been tracking for some time now.
Wave E is a very legitimate double zigzag. The bulls have bolster their case and though I love spotting triangles to trade, for some reason I find this one suspect.
The leading expanding diagonal is not out yet either so I would rather the bulls clear this triangle first before giving them the edge. So I'd have to say I am still leaning towards the bear's case.
 |
| 5 Min |
 |
| 60 Min |
