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Thursday, August 25, 2011
The dust may need to settle after next Monday's close...
The dust may need to settle on the YM, ES, NQ & TF after next Monday's close before we get a clearer view of further direction...below is a 3-day chartgrid which shows that these e-mini futures indices are forming a symmetrical triangle in the lower one-third of their drop from the highs in July. The current 3-day candle began today and will close on Monday. I would consider a triangle consolidation at the lows after a drop to be a bearish continuation...will see which way the triangle breaks (and possibly retests) before continuing in either direction.