I have a couple of triangle ideas, this descending and another symmetrical which I'll try to post later.
This one we're in a descending triangle ABCDE pattern that may have complete E wave last night at 6012. The triangle should break to the upside as the trend prior to entering was up.
May be part of a larger ABC (orange waves) that could double top at 6420 and trendline support, before completing a larger C wave (purple waves) to 1.618 at 5450 area.
The symmetrical triangle idea I have breaks to the downside.
This one we're in a descending triangle ABCDE pattern that may have complete E wave last night at 6012. The triangle should break to the upside as the trend prior to entering was up.
May be part of a larger ABC (orange waves) that could double top at 6420 and trendline support, before completing a larger C wave (purple waves) to 1.618 at 5450 area.
The symmetrical triangle idea I have breaks to the downside.
Note
Trendline resistance, not support :)
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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.