Tuesday, April 28, 2009

Pennant or Ascending Triangle?

SPY has been bumping up against overhead resistance for a while and this is now the fourth time at that level.

I see a nice trend line as support (not even horizontal!), whcih makes a pennant from the lower high.

Odds are that this resolves upward, but I'm in wait and see mode.


  1. you look at that last monday bottom and you have 4 waves... and maybe a 5th... If that first wave had gone to the 87 level... I'd go ascending... You also have the now Resolved Wedge/Triangle... I'd go into the horrorshow of the triangle but it gives me a tumor. So maybe we get a wave 5 false breakout... but your ascending, which isn't an ascending.. as an up pattern has a target of 88.50... as an ascending it goes 91.

    but it's a mixed picture... but not sure if you can "Feel it" but the positive Mojo is nothing like what it was 2 weeks ago...

    and it's offical on CNBC... the market has bottomed.... Sell the news...

    watch for some kind of resolution.. but seriously.. play the trendlines, every one of them acts as "False Breakout" Full resistance... This stuff is like a pinball game.

    but near term we are seeing lower highs...

    I've declared Satan Market.

  2. Satan market, or tumor market. Futures up now at 12:30am and Asia doing okay. Nothing will happen abruptly.