DOW - US30CFD - Ascending Triangle

FX:US30   Dow Jones Industrial Average Index
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....:)
ES showing an inflection point... rip or dip?
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
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.
This site explains patterns in detail. Good read on weekends to get familiar on different patterns. http://thepatternsite.com/at.html
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 -
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?
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..
The article explains ascending triangles in detail. Time wise they can breakout at the 61.8 inflection point, up or down.
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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