SPX 60-Minute Chart Sideways Symmetrical Triangle Breakdown Potential Ascending Triangle or Bear Flag

Last week the sideways symmetrical triangle failed; this chart is the 60-minute chart that highlights the last couple days of trading. No back test of the trend line has occurred--yet. SPX range of 1210-1225 is important, potential ascending triangle with 1225 base line in progress now (green), that would take price upwards (green dot). Also a potentail bear flag down in progress; 1260 to 1210 first leg is 50 points, thus, after consolidation now, say second leg begins at 1225; 1225-50=1175 (black dot). If the failure from the sideways blue triangle continues, the target is 1240-80=1160 (blue dot).

This move downwards from the blue triangle may still be a fake-out move and the first couple days of trading next week will answer that question. Price upside is also supported since a back kiss of the blue trend line did not occur, and that would typically be expected, especially for such a key trend line. Indicators are agreeable to seeing some loft to price so pay attention in the 1220-1225 area early this week.  This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.