BPSPX Bullish Percent Daily Chart Descending Triangle

BPSPX peaked on Halloween just shy of 78. A market reversal is confirmed if the BPSPX reverses six percentage points. Note the low at 72 a week ago which only barely touched the six point reversal before rising again. Thus, the jury remains out for the bears. The blue descending triangle typically ends in price failure, the projection would be 72-6 = 66. First, watch for a six percentage point reversal and second watch for failure of the 70% level. Thus, the market bears will be happy if the 72 level is lost to the downside, this confirms market bearishness, and then will throw confetti if 70 is lost. The bulls will try with all their might to stop the 72 level from failing. Watch this closely over the next couple days. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.