Bias-up target met, and then some

[pay]The morning’s complex ascending triangle broke higher to consolidate above the ESu 1287’25 bias-up signal, which broke higher to meet the 1291’25 bias-up target, which extended further to 1295’00. Whew.

The triangle’s breakout was expected. The breakout’s sustainability was dubious, and still is. Complex triangles tend to reverse their breakouts. The 10-point gain since then makes no difference, justified by the optimistic environment (evidenced by the shallow consolidations since this morning’s surge).

If sellers don’t step in here with a break under 1292’00 initially targeting 1288’00, then above 1295’50 would next target 1303’00.

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