Detected a "Symmetrical Continuation Triangle ( )" chart pattern formed on iShares MSCI Taiwan ETF (EWT:NYSE). This signal indicates that the stock price may fall from the close of $13.21 to the range of $12.70 - $12.80. The pattern formed over 15 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of .
Tells Me: The price has broken downward out of a consolidation period, suggesting a continuation of the prior downtrend. A Symmetrical Continuation Triangle ( ) shows two converging as prices reach lower highs and higher lows. diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks down below the lower with a noticeable increase in , confirming the pattern as a continuation of the prior downtrend.
This can be seen on the following chart."