Here on the Weekly time frame for AU, I can spot the descending triangle formations/pennants in the midst of a bearish market. This type of pattern occurs when there is a support level that price can't seem to break and a slope of lower highs gives me the indications a possible continuation of bearish momentum, as the sellers are pushing against the buyers.
Taking the height of the triangle mouth and duplicating it at the breakout point I can calculate the projection point.
Additionally, I can spot the Bearish W Pattern on the Bullish Market, consisting of H,LH, and LH, which then results to price continuing to the downside.
Taking the height of the triangle mouth and duplicating it at the breakout point I can calculate the projection point.
Additionally, I can spot the Bearish W Pattern on the Bullish Market, consisting of H,LH, and LH, which then results to price continuing to the downside.