There is a symmetrical triangle forming on the D time frame. This symmetrical triangle pattern is so far following the wolf wave analysis pattern. Price has already had 4 bounces off the edges of the triangle, and is currently on the 5th. The 5th touch of the lines however in the wolf wave pattern is usually a false break. Profit target would be wherever price eventually touches on the blue trend line drawn between points 1 and 4. Any thoughts on my analysis would be most welcome.
Comment:
Price has now broken back into the triangle, trade still going strong, entered right at the break and close of the upper triangle leg. Profit target somewhere in the vicinity of number 6 on my chart.