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Watch That Triangle!
A triangle appears to be forming in the S&P 500, and also in the Dow Industrials. We always sit up and take notice when a triangle forms, because it almost always resolves in a major price move.
A triangle is composed of not fewer than five waves (a-b-c-d-e) which ricochet like a pinball between the upper and lower trend lines of the triangle. When the “e†wave is complete at or near a trendline, prices will bounce away from it in the direction of the next major move. As prices exit the triangle at the opposite trendline, we can measure…
24Oct2008 | William Kurtz | Comments Off | Continued
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