I've made 8 charts using tradingview exploring the indicators and chart patterns on XLE . Since I do not know a clean way of publishing them without cluttering the XLE search I just quickly made a blog and wrapped them up in a post here.
Among some of the other patterns provided by other TradingView users, I believe I also see a triangle . I am not highly familiar with theory and would appreciate any additional comments pointing out the possibilities of these waves.
This diagonal triangle is the very rare 5-3-5-3-5 pattern. Meaning all upward waves contain 5 waves within themselves, while the corrective waves contain the three a-b-c patterns.
The target associated with a triangle is very deep. A 78% retracement from wave 1.
I would greatly appreciate any discussion on this idea, thanks!
triangle information here-
*** Edit, I also put in "Wolfe's Wave". The EPA describes the expected price retracement at the time it hits the green line.