S&P 500 index is forming a descending triangle since the beginning of August. Each day the triangle gets narrower, normally we should expect a down move after completing a descending triangle but my expectation is on the breaking of the resistance of triangle before the completion which is shown in purple.
In case of breaking the support line, again I would expect a recover from the below and bounce back to higher levels. Reason of my expectation is that this uptrend is coming very strong.
RSI is also confirming the uptrend, we have to watch moving average line to cross the bollinger base line upwards, than we can place the buy order.
I think it will go down much earlier and faster than anyone expects.
Emrut
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@I_AM_FROM_THE_FUTURE, normally descending triangle shows the same move as you said. Also When you draw a line on RSI indicator, starting from top of July 25th, it is also apporvingthe downfall. What you say is very possible. Let's wait and see the movement.