This triangle broke to the downside.
This pattern is neutral until a trendline is broken.
To get targets for a triangle, some take the wide end and project it down from the trendline (You can draw a trendline and connect the wide end, then use the magnet to project it down or up). This would give you a 100% target but price can fall to lesser fib levels, or fib extensions of 100%. This triangle was wide at the fat end.
A triangle is like a vacuum, price is squeezed in to the apex and price will break one way or the other. Triangles can be a long term patterns or morph in to another pattern. They are considered a consolidation pattern
No recommendation
This pattern is neutral until a trendline is broken.
To get targets for a triangle, some take the wide end and project it down from the trendline (You can draw a trendline and connect the wide end, then use the magnet to project it down or up). This would give you a 100% target but price can fall to lesser fib levels, or fib extensions of 100%. This triangle was wide at the fat end.
A triangle is like a vacuum, price is squeezed in to the apex and price will break one way or the other. Triangles can be a long term patterns or morph in to another pattern. They are considered a consolidation pattern
No recommendation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.