S&P 500 chart setup hints move lower brewing, USD at standstill | Forex Factory

  • S&P 500 chart setup hints move lower brewing, USD at standstill

    From dailyfx.com

    S&P 500 technical positioning hints prices may be preparing to launch another push lower while the US Dollar is waiting for follow-through on a bullish setup. S&P 500 – Prices appear to be forming an ascending Triangle chart pattern with resistance marked by the 50% Fibonacci retracement at 1391.20 and support at a rising trend line set from the April 10 low. The setup is classically associated with bullish continuation, but that is difficult here considering “continuation” would imply a bearish bias. Confirmation is needed on a breakout from the Triangle to establish its implications. Support lines up at ... (full story)

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jayjonbeach
Apr 19, 2012 11:18pm
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"Ascending Triangle"

WTF?

Don't think we are looking at the same chart for sure. Bear flag, which is bearish sure but there is no Triangle especially where you are pointing to

"The setup is classically associated with bullish continuation"

Oh really, by who? Someone that only trades the market in one direction...sheesh
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Trader#A416
Apr 20, 2012 2:05am
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S&p 500 1900 by end of 2012
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