3-minute chart of SPY. Watch it.
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Joined Apr 1, 2010
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A book I read this weekend mentioned that triangles tend to lose any indicative nature once they work their way to about 3/4 the distance to the apex. In other words once they get real close to the end of the triangle you have no real edge. Do you agree with that statement?
The book was written by Peter Brandt who has been a very successful chartist in the commodities and forex markets.
There is something to that. It’s like when you seem a picture-perfect head and shoulder and it fails. Usually the triangle pattern, if true, aggressively breaches instead of meandering to the apex and lollygagging.