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
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 still active, stop loss at 2789
Trade closed: stop reached:
Waiting for a new daily high to reenter the market
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