Beware Symmetric Turning Ascending
Updated
There is so much attention around the symmetrical triangle that Money Man is starting to think that going up could turn into an ascending triangle as he has talked about in the contribution titled “Reading the Markets” (the ETH chart has just started warning us about this). This could cause a retracement from Decision Box 1 to Decision Box 2 – a pullback of $500 plus, even though both patterns are generally bullish. That would shake out those who buy at the breakout of the symmetrical triangle. The yo-yoing around 15 400 has not come to an end yet.
Conclusion: Money Man is not saying that a breakout should not be bought, but brings this up as another warning to use scaling to get distance from the price (he talked about this often and wrote “Do Not Get Too Close” for this purpose. This is what he means when he says that he would rather be half right than completely wrong. Very Important to me: Please like if you appreciate the effort, please comment, and develop this further and Please follow if you think this is going somewhere that you might like to know about.
Conclusion: Money Man is not saying that a breakout should not be bought, but brings this up as another warning to use scaling to get distance from the price (he talked about this often and wrote “Do Not Get Too Close” for this purpose. This is what he means when he says that he would rather be half right than completely wrong. Very Important to me: Please like if you appreciate the effort, please comment, and develop this further and Please follow if you think this is going somewhere that you might like to know about.
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