"Looking at the DJIA, it looks like a massive Ascending tri"
Selmax - Open for debate on this, but... My understanding is that triangles are usually right-angle. Defined by equal highs.
This pattern you refer to on DOW and SPX is actually a rising wedge [higher highs, higher lows] which is possibly a massive continuation pattern.
See Incredible Charts Ref Dictionary.
http://www.incrediblecharts.com/technical/triangles_and_wedges.php#Ascending_Triangle
Ascending Triangle
An ascending triangle is formed by equal highs and higher lows . It is a bullish signal, whether encountered in an up- or down-trend. It is most often observed as a continuation pattern in an up-trend but is a strong reversal signal when witnessed in a down-trend.
Rising Wedge
A rising wedge is formed by higher highs and higher lows. A bearish signal, the pattern is normally a continuation signal in a down-trend but acts as a reversal signal when encountered in an up-trend.
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Last
8,668.2 |
Change
-89.000(1.02%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,757.1 | 8,757.1 | 8,648.4 |
| XJO (ASX) Chart |