mcquak
Long

Weekly Symmetric triangle

FX:AUDNZD   Australian Dollar/New Zealand Dollar
131 2 0
RSI is in divergence with price, price sits on 88.6% retracement level so it's create nice symmetric triangle. If this week price close above that level we could experience significant upside move.
dojitrader
3 years ago
What am I missing ?
I see a triangle "inverse" placed on a price chart BUT,
I do not see any matching symmetry in the price action.
Are you sure you're not just curve fitting ?
So, with price entering a HUGE support zone, I just
don't see where an inverse triangle is helping show some
sort of greater probability.
Thanks for your thoughts !
Reply
mcquak
3 years ago
doji, I like harmonic patterns and each harmonic pattern does consist from symmetric triangles, does not it? That's why I draw it because I guess this one could emerge further to some other harmonic levels that could eventually hint me what pattern could be created by price action. Simply what I can see now is possibility to go long with possible emerging BC leg. It's still to early but anyway I'll check what happens in upcoming weeks.
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