Phil Jackson, the President of the NY Nicks was once known as Big Chief Triangle when he coached the Chicago Bulls during the 1990’s with MJ and the Championship years. I thought of him today because of the two triangles which have developed in both corn and beans. over the past 6 months. We are chopping around, attempting to set up for a bullish break out, or a bearish collapse. The Trend lines below outline the “triangle” present on the daily charts. Lets start with New Crop Corn; CZ… You can see the upper and the lower Trend line. You can also see how we are moving inexorably towards the apex. This will literally “bring it to a head”, with a move above or below the boundaries formed by the t-lines. Trade accordingly.
The Triangle in SX is not quite so textbook, but its there as well.
There are some great strategies available for a trader with a market moving towards an apex in a formation like this. If you are looking for specific details, give me a call and consider becoming a client. CER