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| DJIA Cash - 15 Minute Chart - Expanding Triangle |
The potential expanding triangle seems to be developing well, with a new low below the prior c wave, suggesting an a wave down in the 'complex' leg of the triangle. Neely suggests that 'usually' the lower trend line of an expanding triangle is exceeded lower. Let's see if that occurs. And don't forget there is a gap to the left of the chart.
And here is what the hourly looks like. The attack of the lower channel boundary is definitely under way - just as predicted.
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| DJIA - Hourly - Attach of the Lower Channel Boundary |
The S&P500 has not decided yet if it is in a larger triangle or the flat we outlined yesterday. A flat might have the edge, but either would be acceptable.
If you're starting your weekend early, have a nice one!
TraderJoe
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