RMAX Triangle. Is it a falling wedge pattern?
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What is a Falling Wedge?
A falling wedge is a bullish chart pattern. It typically occurs during a downtrend and is characterized by converging trendlines that slope downward. Here are the key features of a falling wedge pattern:
Trendlines: A falling wedge pattern consists of two trendlines. The upper trendline connects the lower highs, sloping downward. The lower trendline connects the lower lows, also sloping downward but at a lesser angle than the upper trendline.
Converging Lines: The two trendlines converge, forming a wedge shape with narrowing price movement. This convergence indicates a potential weakening of the downtrend.
Volume: Ideally, volume should decline as the pattern develops. This decline in volume suggests a decrease in selling pressure.
Breakout: The pattern is typically followed by a breakout to the upside, signaling a potential reversal of the prior downtrend. The breakout is confirmed when the price breaks above the upper trendline with increased volume.
Price Target: Traders often use the width of the wedge at its widest point (the distance between the two trendlines) to estimate a price target for the breakout. This target is projected upward from the breakout point.
Falling wedge patterns are considered bullish because they indicate a potential reversal from a downtrend to an uptrend. However, like any technical analysis pattern, traders should wait for confirmation of the breakout and consider other factors such as overall market conditions, volume trends, and fundamental analysis before making trading decisions based solely on the pattern.
A falling wedge is a bullish chart pattern. It typically occurs during a downtrend and is characterized by converging trendlines that slope downward. Here are the key features of a falling wedge pattern:
Trendlines: A falling wedge pattern consists of two trendlines. The upper trendline connects the lower highs, sloping downward. The lower trendline connects the lower lows, also sloping downward but at a lesser angle than the upper trendline.
Converging Lines: The two trendlines converge, forming a wedge shape with narrowing price movement. This convergence indicates a potential weakening of the downtrend.
Volume: Ideally, volume should decline as the pattern develops. This decline in volume suggests a decrease in selling pressure.
Breakout: The pattern is typically followed by a breakout to the upside, signaling a potential reversal of the prior downtrend. The breakout is confirmed when the price breaks above the upper trendline with increased volume.
Price Target: Traders often use the width of the wedge at its widest point (the distance between the two trendlines) to estimate a price target for the breakout. This target is projected upward from the breakout point.
Falling wedge patterns are considered bullish because they indicate a potential reversal from a downtrend to an uptrend. However, like any technical analysis pattern, traders should wait for confirmation of the breakout and consider other factors such as overall market conditions, volume trends, and fundamental analysis before making trading decisions based solely on the pattern.
Nota
I'm not sure why TV truncated candles, here's the full view. 
Penafian
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