Be cautious

The triangle formation that is appearing in the chart, is described in many of the previous ideas as a possible breakout pattern ( pennant or flag). I'd be a little more cautious here.

John J. Murphy described the formation like this:

- "The descending triangle has a declining upper line and a flat lower line. Since sellers are more aggressive than buyers, this is usually a bearish pattern ."
- "The Descending Triangle as a Top - In the case, a close below the flat lower line would signal a major trend reversal to the downside."

Also important "The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months.". The current formation started forming in May.

Take a look at the volume within the next few days and be cautious with your long positions. I'm not saying it's not breaking out, but for me things are not looking clear! - Custom indicator development


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out