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10/09/2010

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I have to disagree. The rsi has been divergent for a month or so, and the way you have drawn a triangle is incorrect. 2 touches on the lower trend line are irrelevant without a touch on the upper trend line inbetween. If a triangle is forming, especially one that will break to the upside, it is in it's early stages. not yet half formed, which means we would remain range bound betweena 105 bottom and a top as yet to be determined, for several more months. Triangles have very distinct rules, and most don't know what they are.

The rsi on the daily is divergent. In bear markets, the weekly will often not set up a divergence, but the upper limit is lower, once the bear returns, so 50-60 upper limit for rsi in a bear mkt. See aug 2000, may 2001, mar 2002, may 2008, aug 2008.

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