Triangle in GMED
Updated
Screening through many stocks this morning this was the chart the stuck out to me. A clear triangle. I will be quite surprised if it doesn't play out because of how textbook it looks. Price appears to have broken the triangle upper boundary. A close above this boundary will support continued strength to the upside. Based on the size of the triangle the simple target areas are within the yellow box.
Note
Adding detail to the above count. I'm interpreting the triangle to be a Y wave of a larger WXY combination correction.Note
An alternate interpretation of the WXY count.Note
Bigger picture counting the triangle as all of a wave 4.Trade closed manually
The thrust out of this triangle is weak. Price is turning over. Possibly we're in a wave 2 sub-wave of the larger move out of the triangle. My conviction is no longer strong on this trade. Closing to lock in profit while ahead.
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