Some random thoughts about Index Trading
- Thread starter Broadway
- Start date
The SPI is reaching the apex of a sizable triangle/consolidation phase. This triangle is similar in timeframe to the one in mid-july that broke south.
If it breaks through the A resistance line, it should go on to test the mid-july highs around 6450. Perhaps the aggression/speed of the last 2 bounces off the B support line indicate more positive sentiment than negative at the moment.
If it bounces off A and heads down again, then B and C might provide support. If it pushes through B and C then the following down trend might be quite significant.
If it breaks through the A resistance line, it should go on to test the mid-july highs around 6450. Perhaps the aggression/speed of the last 2 bounces off the B support line indicate more positive sentiment than negative at the moment.
If it bounces off A and heads down again, then B and C might provide support. If it pushes through B and C then the following down trend might be quite significant.
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