https://www.tradingview.com/chart/OLbtKTqz/
Allthough volume is not confirming this it looks good to me from a pattern perspective.
Since we are in a downtrend we usually start counting from the low, which does not mean that we cannot use the prior high to gage where the upper line of our triangle will be!
Many might argue that it doesn't even help to consider such long term scenarios at a stage where you are a lot more likely to be wrong than right. However, even though it is true that these scenarios are not that likely to play out if you present them at an early stage, being aware of them is a way to be ahead of everyone else! By having these in your mind you are able to eliminate some quite early and deduce what the more probable ones are a lot sooner than others, thus giving you time to prepare!
I hope this was helpful to you! Take care!
Allthough volume is not confirming this it looks good to me from a pattern perspective.
Since we are in a downtrend we usually start counting from the low, which does not mean that we cannot use the prior high to gage where the upper line of our triangle will be!
Many might argue that it doesn't even help to consider such long term scenarios at a stage where you are a lot more likely to be wrong than right. However, even though it is true that these scenarios are not that likely to play out if you present them at an early stage, being aware of them is a way to be ahead of everyone else! By having these in your mind you are able to eliminate some quite early and deduce what the more probable ones are a lot sooner than others, thus giving you time to prepare!
I hope this was helpful to you! Take care!