Head and Shoulders Confirmed. Possible Ascending Triangle.....
Updated
The ascending triangle as in all triangle patterns can be used as trend
reversals. It must be noted that the ascending triangle must form at a
key level of support or resistance, I like to use double tops or bottoms.
This pattern forms as price pushes into support or resistance and then
consolidates making equal highs and higher lows forming the ascending
triangle, Once price breaks the pattern conforming the reversal, I personally
always wait for a pullback to the previous highs or lows to see if price will
be resisted or supported before taking a reversol trade. There are different
methods Like Fibonacci Retracements to find targets after a confirmed
reversol but I will lay out the conventional way which is the Distance
Between The Mouth Of The Triangle Added To The Breakout.
Note
Target if we break 4200-4700. True resistance at 5k but doubt we get there. Then possibly another grind down as in March of 2014. 2014 Charts almost identical. Always look left!!!!
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.