The Symmetrical Triangle is notorious for indecision.
The price moves to the Apex in a symmetrical fashion and it's up to the traders to decide on whether to go long or short...
We can see there are two scenarios.
Either it breaks up with the 1st target to the top of the triangle at 35,653.
Or it breaks down, breaks through the Uptrend for the first time since March and it drops down to 33,607..
Where to? It is honestly anyones game right now. My intuition says it will break down. The Price action is weak and the candle of selling seems strong...
Also with the the interest rates staying put but having warnings that there will be an increase in rate hikes, is making traders feel trepidation for the markets.
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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