I'd like to think that the triangle broke, but I often just watch a pattern pick a direction and trade the first decent pull back or consolidation. I'm hoping I get the opportunity with this one. One thing that should be interesting to watch is how this triangle behaves now that "everybody" is watching it. I hear it was even mentioned on CNBC!
Corey Rosenbloom
· 1 year ago
Jonathan,
I'm with you. I'm not at all surprised that the triangle appears to be breaking upwards, because everyone was expecting a downside break.
Now that everyone is seeing the break, it wouldn't surprise me if the triangle failed (meaning, burst out initially to the upside, fail, reverse, then eject downward).
It throws a monkey wrench in TA when everyone's keen on the pattern being observed.
All Comments
I'm with you. I'm not at all surprised that the triangle appears to be breaking upwards, because everyone was expecting a downside break.
Now that everyone is seeing the break, it wouldn't surprise me if the triangle failed (meaning, burst out initially to the upside, fail, reverse, then eject downward).
It throws a monkey wrench in TA when everyone's keen on the pattern being observed.