For me one of the hardest patterns to initially see is the expanding triangle. It often has 5 waves as do many triangles. The up and down pattern is tricky to trade.
If you look at the daily chart there has been a five 5 wave up and down which seems to fit this pattern starting in mid April 2021. The lower price points seem to line up well (descending trend line) and last Fridays low was at the bottom of the descending channel.
Supporting this idea there is a positive reversal in the weekly RSI and a bullish divergence in the daily RSI. If price this week goes above the daily down trend line it would add support to this idea.
As always process your way. This may be wrong as our many ideas about the future.
Take care. Best to you.
Goodguy
If you look at the daily chart there has been a five 5 wave up and down which seems to fit this pattern starting in mid April 2021. The lower price points seem to line up well (descending trend line) and last Fridays low was at the bottom of the descending channel.
Supporting this idea there is a positive reversal in the weekly RSI and a bullish divergence in the daily RSI. If price this week goes above the daily down trend line it would add support to this idea.
As always process your way. This may be wrong as our many ideas about the future.
Take care. Best to you.
Goodguy
