Lots of people are looking at triangles in the indices and
critical Edwards/Magee confirmation levels are being approached. DJIA
would be about 8404 Jan high, SPX would be 880 Jan high, and QQQQs would be 31.63
Jan high. I need to re check those levels because my real time chart is
on the fritz today. [Edwards/Magee said the confirmation occurs at the
previous high or low trend line point in the triangle. Others say 2% or 3%.]
Until then there is risk of a false breakout……which often
occurs. Obviously, a confirmation means a sizeable move up.