topvaluestaking
Long

SPX500 in breaking out from the ascending triangle

FX:SPX500   S&P 500 Index
SPX500 has formed a huge ascending triangle on the daily chart . I am looking for a daily close above the triangle near the level of 2800 before I go long. More agressive entries could be already active but I d like to confirm the breakout first.

Entry (approx) 2796
Stop loss 2763
Target 2840
Risk/reward 1.28
Comment: Limit orders has set to 2800. Target of 2840 is the conservative one. The technical target of the ascending triangle is at 3050-3100. Stop loss set at the previous daily low at 2768.
Trade active
Comment: Trade still active, stop loss at 2789
Trade closed: stop reached: Waiting for a new daily high to reenter the market

Comments

This is a good idea maybe just a wee bit early looks like one more pullback in the offing possibly back to 2735 area around 7/30 -08/01 then look for breakout on the next leg up. Target 3050, based on height of triangle base added to entry price level 2790 - 2530 = 260 + 2790 > 3050.

Same idea for Dow chart looking for pullback to ~ 24470 then breakout leg could carry DJIA to 27,450 base is 2050 height entry 25400
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topvaluestaking DaddySawbucks
@DaddySawbucks, I agree with your scenario, I m watching closely the market to re-enter at some point
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