Symmetrical TriangleA S Triangle can go either way/up or down
WDAY broke up from an ascending Triangle and had quite a rally
Back to where we started from almost. )o:
I have found the market is not to be taken for granted and a strong rally can be followed by a tough decline...moves are not always repeated in the near term
The top trendline of prior A Triangle is at 199.09 and may provide support
There is also a gap there which may provide support
The symmetrical triangle, which can also be referred to as a coil, usually forms during a trend as a continuation pattern. The pattern contains at least two lower highs and two higher lows. When these points are connected, the lines converge as they are extended and the symmetrical triangle takes shape. You could also think of it as a contracting wedge, wide at the beginning and narrowing over time.
While there are instances when symmetrical triangles mark important trend reversals, they more often mark a continuation of the current trend. Regardless of the nature of the pattern, continuation or reversal, the direction of the next major move can only be determined after a valid breakout.
Not a recommendation
