We see the running triangle in Elliott waves theory. This type of triangle is an area of horizontal price movement that shows a consolidation of a previous movement and will consist of three, i.e. all ABCDE waves are characterized by three sub-waves, 1, 2 and 3. While the pattern is moving towards the breakout
The running triangle pattern follows two converging trend lines making it a symmetrical triangle with a major difference. In the running triangle, the beginning of the pattern shows that the starting point of wave A is below its trend line, that is, wave B goes beyond the beginning of wave A, which gives it its name.
As the price action swings from the trend line to the trend line with convergence. The ABCDE waves will split into 3, giving a 3-3-3-3-3 formation and wave B will cross the starting point of wave A. When the price reaches the top of the triangle, the market is likely to turn soon and we see the beginning of the fifth impulse wave.
I expect a bounce from 0.12 fib support near 0.93
Entry/ 0.93
Profit/ 2.13 (130%)
Stop Loss/ 0.75 (-18%)
Profitable business I wish everyone
The running triangle pattern follows two converging trend lines making it a symmetrical triangle with a major difference. In the running triangle, the beginning of the pattern shows that the starting point of wave A is below its trend line, that is, wave B goes beyond the beginning of wave A, which gives it its name.
As the price action swings from the trend line to the trend line with convergence. The ABCDE waves will split into 3, giving a 3-3-3-3-3 formation and wave B will cross the starting point of wave A. When the price reaches the top of the triangle, the market is likely to turn soon and we see the beginning of the fifth impulse wave.
I expect a bounce from 0.12 fib support near 0.93
Entry/ 0.93
Profit/ 2.13 (130%)
Stop Loss/ 0.75 (-18%)
Profitable business I wish everyone