20080819

The WIG Index's intraday triangle has failed today (see this post update) and the breakout had high volume:



The WIG20 Index is now below lower trendline:



The breakout from this formation is a strong sell signal indeed. On short-term we can also see lower-low lower-high pattern. The today's gaps will act as a resistance now.

Downtrends on indicators (CCI and RSI) also seem to confirm the direction of the market.

However, it does not negate yet the whole bullish medium-term race. I'm personally bearish, but until we see the WIG Index below 37300 (low from Jun), we cannot say long-term downtrend continues.

Make sure you watch today's video from Alphatrends - few important trendlines and supports have been broken. Brian Shannon does not give us positive view on the US market in general.

Sources:
[http://pl.youtube.com/watch?v=foPsPFI5E30]