As each day goes by, the market continues to invalidate both upside and downside structures. When this happens, it delineates corrective action, and often can present us within a triangle pattern. But, a triangle in this region can be interpreted both short term bullishly and bearishly.
Ultimately, the market has yet to tip its hand as to how the current region is going to resolve itself. And, the amazing thing about this is that we have basically been in the same region now for months. At some point in the near future, the market is going to have to tip its hand and provide clues as to how we resolved the current consolidation. Until such time, we are going to have to remain patient.