IWM: are we in an expanding triangle?
One of the hardest formations for me is an expanding triangle. You keep getting new highs, then new lows, then new highs, and so on. But if you look at the daily chart we have had a lot of sideways action since the start of 2014 with just that kind of pattern. Also volume tends to contract toward the end of the triangle likely because folks are "confused" as to what is going on (my theory).
There are ALWAYS more than one way to see these patterns which is why no pattern "perception" is always right. In triangles usually each leg is an a-b-c pattern itself which it looks like to me. IFFFFF correct then we may have one major down leg to E followed by a another large bullish rally.
For now I'm now I'm favoring a drop to at least the target box on the 120 minute chart. My stop is >138.73. Process you own way. Have a great weekend.
There are ALWAYS more than one way to see these patterns which is why no pattern "perception" is always right. In triangles usually each leg is an a-b-c pattern itself which it looks like to me. IFFFFF correct then we may have one major down leg to E followed by a another large bullish rally.
For now I'm now I'm favoring a drop to at least the target box on the 120 minute chart. My stop is >138.73. Process you own way. Have a great weekend.
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".b" may be in. IFFF so should see a fairly rapid drop.
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These triangles take a lot of patience. Will know soon if this concept is correct.
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Pop up today above stop. Triangle idea wrong. The larger picture was still be correct.
