I couldn't let this go without giving you a head's up:
Okay the triangle has changed
We have one more move back up
Rule of thumb is the last wave up should reach the beginning of the triangle
Which in this case is at 8221
Although I don't see it getting past 8163/74
It could also stop it's upward movement at 8093/8099
After the next move back up we should head back down
The move down should be fast and violent
The move down reaches 7521
Failure to reach 8106 is extremely bearish and will be immediately followed by a sell-off down to 7521..until 7793 it's a free fall..
On triangles you wait before trading
Often it goes the other way first and then reverses..
When you believe it can't go down..or rather it's without question going up you immediately get short..
I have more than my fair share about pessimism when it comes to the markets but I've learned it is better to take profits when an area of resistance or support is hit and the market reverses there than to wait around and lose all your profit or turn it into a tiny loss that turns into a big loss the next day.
Good luck tomorrow guys.
Put on a buy of DXD at 8090. I had a pivot of 8107. When it crashed through I "probably" would have bailed but didn't because of your observations about 8163/74 resistance.
It held, I held, $$$$$. It held my 7983 and turned so I'm out.
Thanx for the help!