Pull Back Fishing Symmetrical Triangle

NASDAQ:SNPS   Synopsys, Inc
SNPS pulled way back and appears to be trading in an ABC bullish pattern as well as a symmetrical triangle.

SNPS has broken upper trendline of a symmetrical triangle, but there is also what appears to be a questionable top. This may have corrected enough for the questionable top as it seems we may still be in a bull market. In a bull market, it is not unusual for ugly tops to stop short of a full correction from a top pattern. Just no way to know for sure, but short percent is very low. Negative volume is high.

This lines up with an AB = CD pattern, which is also an ABC bullish pattern and the target is D. The pattern consists of three legs, with two equal legs labelled AB and CD, together they form a zig-zag shape. For this reason it is sometimes called the 'lightning bolt pattern'. It can be used in any financial market and on any time frame. The retracement (from B to C) can be between 38.2% to 78.6% of the A-B leg, however, an ideal pattern has a retracement of 61.8% to 78.6%.

You can take the AB leg using the magnet and extend it from point C to get an idea where price may go.

No recommendation
Comment: Dark cloud cover on daily today