Descending Triangle in an Uptrend

25 Nov 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.

27 Nov 2016

Nota

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.

30 Nov 2016

Nota

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.

2 Dis 2016

Nota

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