AG showing Triangle Pattern, breakout incoming?
Hi. In this 1D chart I've plotted a Triangle pattern that's played out since the start of February. I anticipate a dramatic breakout in the coming week (Idea posted 26/03/2021) as it breaks through the diagonal resistance line or the support line.
To support the theory that a dramatic breakout is coming there are a couple of indicator factors to consider:
I've made some examples of long trades that could be made if it breaks the diagonal resistance line and when it reaches the prices of point B and D from the Triangle Pattern.
Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you.
This does not constitute financial advice.
Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
To support the theory that a dramatic breakout is coming there are a couple of indicator factors to consider:
- The price is currently dancing over the Ma 56 line which indicates an impending breakout in either direction as it moves off it.
- As well the MACD is currently close to the 0 line which also indicates an impending breakout in either direction as it moves off it.
- As well the Williams is currently right on the center line which also indicates an impending breakout in either direction as it moves off it.
I've made some examples of long trades that could be made if it breaks the diagonal resistance line and when it reaches the prices of point B and D from the Triangle Pattern.
Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you.
This does not constitute financial advice.
Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
If you look at the price on a 15m chart there was a sharp 1 candle sized decline right as it crossed the support line then it went back up to make an equal 1 candle sized incline as it crossed the diagonal resistance.
It seems that the overall direction in both of these movements is trending bullish, but there is still room for a turn back down although slightly unlikely.
I personally believe this is the start of an Elliott Impulse wave and there is an impending first correction coming. This would, for me, be the best place to make a long position as the price could then make a tall rise if it completes the middle line of the impulse wave.
I'll probably see if I can make a new idea with a 15m chart to explore if my wave theories are correct and when/where their points could be placed.