In response to the 5-minute triangle patterns that have been highlighted recently, I received a couple of emails today pointing out similar patterns on the larger, 60 minute time frame. Those patterns, at least the lower uptrend lines, were actually highlighted in yesterday's video on both the SPY & $NDX (which I used because the Aug 24th candlestick on the QQQ is distorted & unrepresentative of the actual price action in the Nasdaq 100 as well as most of its component stocks that day). Those 60-minute trendlines were discussed starting around the 6:50 mark in yesterday's video.
The breakdown of the 5-minute charts resulted in a sharp move down in prices that were relative to that very short time frame, as stated earlier. The updated 60-minute charts of the SPY, QQQ & IWM show the larger triangle patterns, the bottom of which all of which have been tested at today's lows. As with those smaller 5-minute patterns, the next major move in the market is likely to be determined by the direction in which these patterns break and as these are much larger patterns, the ensuing selloff or rally is likely to be much larger as well. As is common with triangle patterns, most indicators & oscillators are indeterminable as price & momentum indicators tend to also pinch down towards the middle of their ranges in a similar triangle shape.