Ascending triangles tend to be continuation patterns. When an ascending triangle fails that can portend weakness. I have already posted an ascending wedge and overhead resistance that would be downward pressure on the markets. This bullish ascending triangle was the silver lining in that cloud for the bulls but with a failure of that pattern, will it finally be the straw that broke the camels back? Price has pulled back up and is currently testing that ascending triangle. I will be watching for any bearish candlesticks in this area such as bearish pin bars or 2-bar reversals. Otherwise if price rips back up through the pattern then it could push well beyond 6600. For now I maintain a bearish bias to the markets.
To learn more about my trading strategies check out www.tradingwithkrugman.com
To learn more about my trading strategies check out www.tradingwithkrugman.com
