Quick Update to my previous analysis posted 3 days ago. One of the possibilities i mentioned in the previous article has occurred. In the article i stated "Alternative we can create a lower high and again a higher low, placing us within an asymmetrical triangle(continuation pattern). ". An Asymmetrical triangle is a continuation and consolidation pattern. Regarding the strength of this pattern i would rate it as better than average. It is not as strong as an rising wedge for example, but still hits with an accurate enough percentage that i keep it in my arsenal. Typically the breakout occurs in the direction preceding the entry into the triangle. The vertical lines at the end represent targets given by the pattern. Targets are measured from the top of the triangle to the bottom. Upside target is 7850 and downside target is 5650. i typically take targets given by patterns as general guides but do not make trades based on them, unless they line up with Fibonacci lines. Unless we see a breakout from this triangle this pattern will likely last 3 days. A failure to break strongly to either side and continued consolidation would create a consolidation range/zone or an extended asymmetrical triangle. However this is where i will leave this article this time. If you would like more analysis on other patterns, charts or topics regarding trading please request it in the comments and i will do so.
Best Regards
Ecic
Best Regards
Ecic
