Monday, November 14, 2011

Triangle - Nested 1-2s

The market ended up testing the 200 day MA in pre-market, reaching the equivalent of 1272 and then falling throughout much of the day. And now we have what seems to be like a bearish nested 1-2 set up inside a triangle. So in the next session or two we should see prices break out impulsively from this pattern. The market barely closed on the TA which is currently at 1253 and I am still in cash waiting for opportunity..too bad the test of the 200 day ma was not in the cash market as it would have been a good trade.

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