I was neutral on this repeat triangle formation. Rise, consolidation, drop to bottom long term trend line. If the three tops were in line, I was suspect it to break down past the bottom trend line on the third triangle, third descent. But SPY pattern are higher highs and high lows. Note the smaller time frame and lower volumes each triangle, which makes me suspect this pattern will discontinue soon. Ok so that was SPY - WYSIWYG. Then I overlayed a few , and found one my favorite theories at work again. BOJ, ECB, and FED are driving this market, PERIOD! Currency leads, markets follow. Now, if you compare that currency pair with this broader based view of SPY, it all makes sense. Bulkowski's Triangles, Ascending, down breakout in play here, but with a Central bank manipulated variation. Catalysts for the next drop, possible, ECB (June 5th) does nothing, and BOJ follow suite (this is a currency war isn't it) goes ahead without action, when the market is thinking they have to lower rates and stimulate, they don't, and real deflation worries with a slowing GDP world wide dose of reality kicks in.