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S&P 500 »Triangle« Final Push Before Reversal?!

 

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Sep 30 2010

An impulsive upward move from 1039 region is still unfinished, especially now when a triangle in seems to be the best idea. Keep in mind that all triangles occur in the position prior to the final actionary wave in the pattern of one larger degree. As such, a break above 1149 should be seen, which will put 1155-58 target in play, where wave (NYSE:C) distance is equal to wave (NYSE:A), shown on our daily chart (members only) . Once these upside levels are reached, a downside reversal will be expected.

S&P500 1h chart:



Disclosure: no pos.