We’ve been watching a triangle form for over a month, wondering whether/when it would break out or break down. Yesterday, we got our answer.
After coming within .40 of our 2170-2173 target on Monday, the triangle broke down — despite vigorous intraday ramping in USDJPY and CL. Tuesday’s initial downside target at 2150 was taken out without any difficulty.
New market-health-indicator Deutsche Bank, which reached our 13.98 target (+18.7%) from our bottom call on Sep 27, is wavering. Having briefly pushed through resistance, it’s now clinging to support.
What’s next for stocks?
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