Inside the Descending Triangle in the SPY SP500
The dominant short-term pattern on the S&P 500 (and SPY ETF) appears to be a consolidating descending triangle. Let’s take a look at the pattern on the 60 min and daily charts.
Potash Breaks to Downside – Targets Established
High-flying stock Potash (POT) appears to be in a larger-scale distribution pattern on the daily chart and just potentially broke a descending triangle today. Let’s look at this chart for potential price targets should these patterns be valid. Potash Daily: Based on quick analysis, we have lengthy and persistent negative momentum divergences since April, and…
Gold Intraday Descending Triangle Break Example
Gold prices and the Gold ETF (GLD) broke an interesting descending triangle early this morning that I wanted to highlight to you. GLD 5-minute chart (StreetTracks Gold Trust Shares): Price began the day with a morning gap that was almost instantly faded for the opening trade. Price then rebounded off Friday’s close and the 50…