S&P 500: Breakout? Shakeout? Fakeout?

Here's chart reading at its simplest. The index is currently at 1371.13.
From All Star Charts:

...The resolution to this pattern is coming quickly as we approach the apex of the triangle. Confirmation will come on a breakout above 1375 to the upside or a breakdown below 1335 to the downside....MORE

Long time readers know we are partial to applying the Low I.Q. approach to investing wherever possible.
Occam lives in the hearts of children (and chartists) everywhere.