_____________________
The 5-minute chart of the SPY above shows a bullish ascending triangle. One thing to watch out for is if it just continue to go sideways even after it reaches the apex of the triangle. If that happens, the rate of failure of the pattern rises. We want to see a forceful breakout from the pattern without too much hanging around.
If you enjoy the content at iBankCoin, please follow us on Twitter
Took too long and broke it down, it looks like.
At what point do you become bearish, below your “mattress” support range?
I’ll become bearish, generally speaking, when the 200 day moving average flattens out and then turns down, while price makes lower highs. It is a long process to get a major multi-year inflection point. There are other factors I’d look at too.