Descending Triangle in an Uptrend

Nov 25, 2016

A falling wedge is often considered to be a bearish pattern , and in these cases the break down is usually accompanied by decreasing volume. Alternately, consistent or increasing volume at the apex of the Triangle can precede a strong break upward as a continuation in the longer-term uptrend.

Nov 27, 2016

Note

As expected, we broke upward of the descending triangle. I think we can expect a day or two of consolidation at this level before moving to the top of the channel with a couple stops in-between.

Nov 30, 2016

Note

We are on track-- albeit a few bars later than predicted. There is strong resistance at 5350, so we can expect some sideways movement before heading to the top of the channel.

Dec 2, 2016

Note

5350 didn't hold, so this is tracking precisely on the green path... 5900 incoming :)