We’re forming another triangle. Watch these key levels.
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We seem to have another really nice bear flag on the ES 5 min and 30 min charts that would again take us to 872 which is again s1. Worked yesterday, might work again today.
This market is Chinese water torture… pick a direction you MF’s!!
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Bears want close under 90, they aren’t trying to go lower. Bulls want usual friday rally, but bears gots to wins
I think everyone is shutting down for the yr, most will mabye come out swinging in two weeks or they will wait for the next bailout, or the next shoe to drop …. I have inclined to think apathy will set in for a while and we will all die of boredom
So what does it mean when an index/equity trades in this kind of wedge/triangle form? Does this mean we should look for a break in either direction to determine the next market trend?
This market reminds me of a horse race where a $2 bet changes the odds. ::Yawn::
was today boring or what? geez
Jon –
Triangles
Symmetrical – Usually a continuation of the prevailing trend, but generally non-biased
Ascending – Breakout
Descending – Breakdown
Wedges
Ascending/Rising – Bearish
Descending/Falling – Bullish
In most cases, these patterns fulfill their definition. Pattern reliabilities/probabilities vary.