SPX 10-Minute Chart Descending Triangle

The brown descending triangle is in play going into the Thursday session. The vertical side is about six points so the downside target is 1672-1673 if the 1679 fails. The triangle can play out for maybe two hours more so price will have to decide if it wants to collapse through 1679, say, by 11 AM tomorrow. This is a neat little chart. The red lines show the H&S pattern break down so the head at 1684 and neck line at 1680 targets 1676 which was easily achieved.  Then the blue lines show an inverted H&S with head at 1672 and neck line at 1677 targeting 1682 which was achieved. So the action over the last three days is following textbook TA (technical analysis) so tomorrow we see if the descending triangle plays out, or not. The thick black lines show the four-day sideways range in play through 1672-1684. Bulls win above 1684. Bears win below 1672. 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.

Note Added 7/18/13 at 10:19 AM:  The Thursday session is underway and the SPX explodes higher at the opening bell immediately negating the descending triangle. Company earnings were positive for the most part creating a happy tone.