Thursday, August 22, 2013

Triangle Shakeout

I'm basically getting this out without supporting charts, but I think this is what is happening/going to happen.

You remember our tweet about triangles yesterday, well this is a bullish ascending triangle except it's in the wrong spot to be a real one and thus serves as a great head fake which I think it will be, you'll see when I post market 3C charts.

Not only does a move below the support line break the bullish triangle telling technical traders to stop out and go short, it also breaks the 50-bar/5 min chart that so many intraday traders use for entering and exiting positions.

I think we will see a break below, we have a lot of time and this is the fastest way to quietly accumulate shares without anyone asking any questions.

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