no respect for trend channel

RIO broke to the downside today ( didn't bounce ) in terms of the lower trend channel line and the next major level of support is at $61. The long term uptrend line commenced Dec 08 at $32 and touching July 09 at $47.60 - extend that line to today and you'll find support around $61. It's also showing a horizontal line of previous resistance and support. It's also displaying a massive ascending triangle commencing early NOV of 08. What the means is there has been three significant touches at $78-$80 on the horizontal line with higer lows on the upslloping line ..starting at $32 then $47. Expect the trading range to consolidate after the $61 ( or there abouts ie. + - 2% - its not an exact science) is touched. Consolidation will involve testing $78/$80 some more times but on the pullbacks with higher lows with the trading range tightening. 2/3 of ascending triangles break to the upside / one third break to the downside.