Shankt

Descending Triangle in an Uptrend

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A falling wedge is often considered to be a bearish pattern , and in these cases the break down is usually accompanied by decreasing volume . Alternately, consistent or increasing volume at the apex of the Triangle can precede a strong break upward as a continuation in the longer-term uptrend.
Comment: As expected, we broke upward of the descending triangle. I think we can expect a day or two of consolidation at this level before moving to the top of the channel with a couple stops in-between.
Comment: We are on track-- albeit a few bars later than predicted. There is strong resistance at 5350, so we can expect some sideways movement before heading to the top of the channel.
Comment: 5350 didn't hold, so this is tracking precisely on the green path... 5900 incoming :)
Heh - I'll call this one a fail.
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