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Symmetrical Triangle

Link breaking above last potential top trendline of triangleIt’s still unclear whether or not link’s macro pattern is more valid as a falling wedge or a symmetrical triangle, however it seems now that we are finally closing daily candles above the last potential top trendline for that pattern. That trendline is most valid on the weekly chart so we still need to close the current weekly candle above the white trendline..after that we should see the follow up weekly candle confirm the white trendline as support on a retest ….if the follow up weekly candle closes above the white trendline odds are very good at that point the breakout will be validated…it may wait until the 3rd weekly candle to start the bullish impulse…or it could come as early as the current weekly candle…will have to see how the next few weekly candles play out. I chose to show this chart on the daily time frame instead of the weekly to illustrate how price action is also now back above both the 1 day 50 and 200 moving averages. If it can hold the daily 200ma as support during the next few weekly closes then the breakout will be confirmed. *not financial advice*
COINBASE:LINKUSD
by DrDovetail
XMRUSD - Rejected by Upper Edge of Symmetrical TriangleMonero looks to be trapped inside this symmetrical triangle which has formed after another rejection when trying to break through the upper bounds. There's a nice parallel channel formed for the price to fall back into but it may need a little wiggle romm first based on historical S/R levels. We can see the price reaching the lower edge of the aforementioned triangle but it may take a few days or even weeks, somewhere between 15-20% profit could be expected from this Sell signal from Crypto Tipster v2.
KRAKEN:XMRUSDShort
by theCrypster
CARDANO ADA symmetric triangle Cardano made a nice push up and Now on the hour a trapped in a symmetrical triangle. 50/50 breakout chance and pay attention to the MA50 on this timeframe we are dancing around it now. Should we really get below it with a clear rejection then that could bring the price further down. Both the price target of the symmetrical triangle and the MA200 meet with it. Yet we also see a downtrend in the MACD and it is desirable that it would remain above the midline to remain bullish. for both scenarios it is desirable to see a re-test but is not a must. Keep calm, do your own research, trade safe and manage your risk. (Disclaimer: This is not financial advice)
KRAKEN:ADAUSD
by Tims.Technische.Analyse.
Forget about chart patterns! Hello, my dear friends and happy New Year! I wish you to be healthy and reach all your goals in trading and not only! Never give up on this difficult way which we are going to overcome together! Today we have a very important topic. How to use Elliott waves instead of classical chart patterns. This is the natural exposure why the chart patterns are garbage. I remember my third year at university when we have the trading lessons. Our teacher gave us a lot of useless knowledges about support, resistance and chart patterns. I have not understood why it should working and it was not soo intereting subject for me. That’s why I returned back to trading much later using self-education. Now I have the clear understanding why Elliott waves is the best tool and why it’s working. Most of traders even don’t understand that chart patterns is just the special case of Elliott waves. That’s why today I decided to explain you how you can change the first one to the second one. Let’s go! Double Top(Bottom) On the chart above I drew the different types of double tops. Generally we have 3 types of this pattern Double top with the second top higher than the first one. In this case we can interpret it in two ways. It could be the classical waves 3, 4, 5 and the corrective wave A at the ending stage. In this case we can anticipate waves B and C. Also it could be the irregular correcton ABC inside wave 4 (rarely in wave 2). In this case we should wait for the wave 5 after that. Traders usually execute short position on the neckline breakdown and suffer when the wave 5 smashed their stop-loss. They are wondering why double top does not working. Double top with the equal highs has the same possible outcomes. The only one difference that correction called flat instead of irregular. Double top with the second top lower than the first one. Here is the most common variant is the end of the ABC correction. In this case we have the low potential for shorting the market becuase the new impulsive wave to the upside can hit all stop losses. Head & Shoulders This is the easiest pattern for analysis. The right sholder usually is the wave 4, the head, obviously is the wave 5 and the right shoulder is the wave B. On the neckline breakdown we have the shorting potential only in the rest part of the wave C. You could correctly count waves and short that the bearish reversal bar of the wave 5 or, as a last resort, at wave B potential top. Shorting at the neckline has sence only if you are sure that the wave B was the the wave 1 of the impulsive wave to the downside if higher degree and now the market is in wave 3. We have to learn how to count waves in a correct way. I would recommend you to read the Trading Chaos book by Bill Williams because it has the best explanation how do waves work. Triangles and Wedges This part is common for all types of triangles (ascending, descending, symmetrical) and wedges (falling and rising). This patterns have the similar structure. If we faced with one of these patterns we have 4 possible scenarios. Triangle in the downtrend after the wave 3. In this case triangle is the wave 4, which is represented as the triangle correction. This correction type consists of 5 waves A, B, C, D and E. When the wave E is finished market will continue it’s move in the direction of a trend, printing the wave 5. The same, but in the uptrend. When the market showed us the 5 waves cycle to the upside and the correction is in progress. Triangle can appears in the wave B. In this case the price will continue the corrective move in the wave C after it’s finished. The same with the downtrend. Guys, of course there are much more types of chart patterns. For example, tripple tops and bottoms and so on. The purpose of this article is giving you another view of the market structure and to motivate you studying the Elliott waves theory. Believe me, it has much more potential than it seems on the first glimplse. Best regards, Ivan ________________________________________________________________________________________________ If you like my educational ideas, please smash the boost button to stimulate me make more quality articles!
Education
by Skyrexio
DGSTACC: VIX PREDICTION!!!!DESCRIPTION: The chart above is an analysis of the VIX and it current pattern formation of a SYMMETRICAL TRIANGLE FORMATION . POINTS: 1. Strong Support for VIX at 19.50 with current Demand Pocket Ceiling for FIB is at 25. 2. Move should occur by the 9th of January as price action would have to compress a lot more by then. 3. Current overall trend is a down trend that we have been seeing for VIX since early October. SCENARIO #1: If break of Symmetrical Triangle occurs towards the downside expect a bounce at 19.50 . SCENARIO #2: If break of Symmetrical Triangle occurs towards the upside expect resistance at 25 . *NOTE: NO RECESSION HAS EVER ENDED WITHOUT A VIX SPIKE TO 45 AT LEAST. TVC:VIX
TVC:VIX
by DGSTBROKERACC
DXY will trigger a huge crash! Best to stay in cash. Everything indicates that the recession in 2023 is pretty much inevitable. And when the Fed pivots, a market crash is almost guaranteed. Nothing is for sure, but it's based on historical statistical data. The DXY index is currently sitting at the strongest support ever created. It's the rectangle line + wave (3) + wave 1. As per Elliott Wave rules, in an impulse wave, wave 1 cannot overlap wave 4. Only a small wick is permitted. I think this is the best place for a trend reversal and a strong dollar again. Let me know what you think about the recession and the strong DXY dollar in the comments! I want to know your opinion! As you can clearly see, this is the monthly chart, and the price is following this ascending parallel channel. Since 2008, we have been in an uptrend, and trend is your friend until the end. I think if DXY drops below 101, then it's over and this channel is going to break down. The dollar will be weak, and the bull market is imminent. But now there is no point in speculating on a weak dollar; why would you do that? I don't think it's a good idea to short the support and long the resistance. But the majority of traders do that, which is a paradox. This is my update on the DXY index. The dollar is still in a strong uptrend, and from a technical perspective, the uptrend is intact. But let's see if the big players still want a strong dollar. We will discover soon! Happy trading!
TVC:DXYLong
by UnknownUnicorn2537518
66