Triangle in the S&P

This is an intraday pattern but we are also in a larger triangle pattern since Oct 10 lows. No prediction just saying the pattern is there and wave e is complete. Need to break 845 to imply any real downside for today/tomorrow

Edited by skott, 28 October 2008 - 12:46 PM.

This is an intraday pattern but we are also in a larger triangle pattern since Oct 10 lows. No prediction just saying the pattern is there and wave e is complete. Need to break 845 to imply any real downside for today/tomorrow

FWIW:
I've been watching that myself (as is the rest of the world). I have a triangle pattern on my cumulative tick measure also, the trouble I'm having with a break down first is
I'm at the lower calibrated end for this measure (there is room for a fakeout down though). Seems as though the first move, in any direction, will likely be false; In
the price range of 825 - 1067, (since 10/10) we have spent way too much time trading at the very bottom end not to breakdown and test the 2002 lows

Testing the upper line of the triangle now. Looks bullish but it still hasn't broken out

don't have to tell anyone that price did not go below the lower boundary so NO downside potential. On a larger timeframe I see this move from the Oct 14 highs to the recent low as and abc of a larger B wave down. Now comes C wave up. It has not proven that yet......needs a move above 910 or so to say Wave C up is in play