Thursday, February 21, 2008

Bearish Triangle

A decisive moment for the Nasdaq tomorrow (unless we get more indecision and a narrow range inside day tomorrow, in which case Monday should prove decisive). There's a really tight triangular bearish pennant set-up taking place that all eyes are on. Being that this is a Bear market (and that we broke through, though didn't close under, 2300 support level) we should expect a strong downside move. Strong upside momentum isn't entirely out of the question though, just less of a probability.

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