Slope of Hope Blog Posts
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The triangle broke up as expected and SPX has made a new ATH with some confidence. This kind of setup delivers a termination move and that’s what we are expecting here. That could fail at any time but the high window runs through to 7th February and we are expecting a high towards the end of the high window.
The usual sequence when a triangle breaks is that there is then a backtest of broken triangle resistance, often back into the triangle, and then the termination thrust (up in this instance) begins. That backtest doesn’t always happen but most of the time it does, so I’m assuming we’ll see that here as long as SPX stays under 2300. SPX 60min chart: