Wednesday, November 24, 2010

Descending Triangle Pattern?

While not a perfect Descending Triangle Pattern. I think the price action justifies the assumption of this possibility. If this is right, the target in the S&P would be around 1130. I sold all my longs at 1191 and went short, I am assuming the market will respect the descending bearish trendline. If the market breaks above it, then it will invalidate this pattern.

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