I was hoping that SPX is going to reverse but it has broken the upper resistance of the symmetrical triangle instead. This put us in a long position instead of short.
looking at it visually not adding to your chart from the may 6th high down to the may 13th local low, it looks like the current 4200 level is a psych level and a .618 retracement (visually) is it or no, if so this is gonna be a tough one to breach
iGVenOm
⋅
what if this is a bigger triangle starting from the top 4240 ? we could be now in the upper line testing and if fails going back to 4100 area and finally later decision.
Mamou-Q
⋅
@iGVenOm, symmetrical triangle has a two converging trendlines where both angles are congruent and have the same measure. drawing a trendline from 4240 to a point higher than 4180 is in no way a sym. triangle. A triangle should also not include empty / white space on chart, the price has to fill it between the two converging lines.