SPDR S&P 500 (SPY)

[learningboutinv]

Gleno, is it just me or does this look like a descending triangle on the 15min? High=1993-1948=45 Target=1948-45=1903? Is that possible? (Edit double bottom territory?) Not sure but I have my tight stop in place on my crappy QID entry today.

"The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution."

"Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout."

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_