Descending Triangle. Ending badly.
The descending triangle squeezing buyers out; the volume was miniscule on today's advance, very thin, weak. It's a bull trap.
As prices descend back through the triangle towards baseline support it will pierce on high volume, confirming the bear market.
Once the horizontal support is pierced there will likely be a brief upwards reaction, followed quickly by a strong move down and support inversion - the horizontal support line will become a ceiling resistance and market enters a trading range below the DJIA 23350 level, probably until after the November mid-term elections.
Fibonacchi support ~21800 after that; maybe less.
Follow the trend!
As prices descend back through the triangle towards baseline support it will pierce on high volume, confirming the bear market.
Once the horizontal support is pierced there will likely be a brief upwards reaction, followed quickly by a strong move down and support inversion - the horizontal support line will become a ceiling resistance and market enters a trading range below the DJIA 23350 level, probably until after the November mid-term elections.
Fibonacchi support ~21800 after that; maybe less.
Follow the trend!