fxtrader66

DOW - US30CFD - Ascending Triangle

FX:US30   Index of top 30 shares on Wall Street
161 10 2
The DOW - US30             - seems to be making an ascending triangle which is a continuation pattern. A pullback to the bottom TL where price could find support, might be fuel for the DOW to breakout of the ascending triangle .

The measured move of the ascending triangle where price breaks out to the upside has a target of 17000
Hello,very nice work....:)
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ES showing an inflection point... rip or dip?
snapshot
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Updated version of this chart. Ascending triangles typically break out after the 61.8% of the apex, if this is true with this chart, price could correct first part of November and try to stage a rally
snapshot
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alex.a fxtrader66
What do you mean 61.8% of x-axis or y-axis? I guessed you were talking about x-axis(=time) but, just want to make sure.
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This site explains patterns in detail. Good read on weekends to get familiar on different patterns. http://thepatternsite.com/at.html
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alex.a fxtrader66
It is not about the patterns but I will read it, though - "typically break out after the 61.8% of the apex" here you are telling me 61.8% of the price of 61.8% of the time wise fibonaci? Breaking of the timing or breaking of the price -
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alex.a alex.a
There is a mis-spelling. you are telling me 61.8% of the price "or" 61.8% of the time wise fibonaci?
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Yes, its using fib time cycles. Many traders only look at fib price levels. When a fib price level is in confluence with a fib time cycle, there can be a reaction at that point, as in a trend change or confirmed continuation of the trend..
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The article explains ascending triangles in detail. Time wise they can breakout at the 61.8 inflection point, up or down.
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alex.a fxtrader66
Oh, time-wise ~ "Upward 70% of the time and 61% of the way to the triangle apex (upward breakouts) and 62% of the way for downward breakouts." Thanks -
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