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  1. YLJ
    819 Posts.
    lightbulb Created with Sketch. 870
    Nice and thorough analysis. However, the ascending triangle you mention is not 100% accurate, though it might yet become one (if you choose not to view it as part of a larger pattern). Currently, you only have one higher low (which can always be joined with a line) and one top that is now still being tested (which can also always be joined as it tests the resistance). The price has yet to retrace enough to form a distinct second top along the horizontal line. If price continued up from here you would see nothing but a standard higher-low higher-high.

    https://hotcopper.com.au/data/attachments/1639/1639173-3c400a14902a43f2921c1045aa30117b.jpg

    https://hotcopper.com.au/data/attachments/1639/1639180-bbd669625eaf7fd5b7ac88b58151d672.jpg

    IMO, what you are seeing here is actually the right shoulder of a POTENTIAL inverse H&S pattern, I believe I mentioned in a previous post.
    The neckline can be drawn in two ways ( black and blue on chart below) through this implication is not relevant except for a minor distinction in what would be the measured target (two dotted lines on chart). Looking at the last few days of price action I think there is a good chance we see a break of the neckline in the next few days.
    I hope you don't mind my commenting. It is only out of love for the true ascending triangle (one of my most profitable patterns over time) that I
    was unable to resist.




 
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