We even have a nice head and shoulders formation at the top (still not confirmed).
One could also use the recent high ($918) as a stop to get ~7 risk/reward ratio. While going higher would not invalidate the ending diagonal count, it would add some arguments against this scenario.
Comments
timwest
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Nice setup. I only suggest to be careful with absolute statements about the location of triangles though. I would disagree with the statement above in the chart about where they can be located. I do love diagonal triangles (terminal triangles) for their massive reward:risk ratios, but the probability of catching one is also low. The post-pattern reaction has to be sharper that any previous correction in the rally, so for this pattern to pan out, it needs to get going quickly to keep up with the forecast. Wishing you all the best. Good work.
Frozenlock
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Thanks!
I'm not aware of any other location where triangles can occur (in an Elliott Wave sense).
It's my understanding that they only occur prior to the last move in a direction.
timwest
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I studied Elliott Wave for several years under Glenn Neely and his book "Mastering Elliott Wave" addresses other locations for triangles. He calls some of his discoveries "NEoWave" because he follows the rules and logic, but has found many other patterns. Just beware of any absolutisms :-)
Frozenlock
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Thank you very much indeed! I'll make sure to look at this book!
justatrader
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Your targets are a lot more aggressive than mine. Been watching google for 2 months (going by my chart). So price went down and then retraced most of it back.