tristan.rhodes

A story of 3 triangles (3 OF 3)

AMEX:SPY   SPDR S&P 500
19 3 0
Look at the three triangles in the linked charts to understand how triangle patterns can resolve.

The first triangle held for 2 days before the breakout.

The second triangle held for 3 days before the breakout.

The third triangle is still undetermined, but it will likely breakout before 7 days.
Good news = This finally broke out with a significant move on Day 7!

Bad news = It was an overnight gap so the move was mostly done by the time the markets opened. I don't have a great target for this triangle, but I will choose the height of the triangle, and choose $183.
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Day 5 and SPY is still inside this triangle. I am expecting tomorrow to be the breakout day (up or down). Get your orders ready!
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Today SPY tested the top of this triangle again, but there was no breakout today. We are running out of room in the triangle, so I think Monday will be the day.
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