Mr Aligator Im sorry bud but despite all the jargon theres actually really no way to tell which way it will break out or even if it will break out at all.
Infact Its all pretty much gobbledygook actually.
However over time by looking at many formations certain aspects can be said to become average. But that doesnt mean each single one can be foretold at all . As in no one knows when you as an individual will die, but a life insurance actuary knows almost exactly what age the average person/customer out of many will die.
For example a descending triangle like the one before the Jorc is overwhemingly recognised as a bearish formation, by all technical analysts: this for example is what the tech anlysis dictionary says:
"The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution".
However the last one broke out to the upside by 150%!! so individually in that case the tech analysts normal average was completely and utterly wrong !
A symetrical triangle with rising lows like the one forming now is however not so bearish -Infact its just nothing really. Or as the tech analysis dictionaries say:
"A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend, while a breakout from the upper trendline indicates the start of a new bullish trend. The pattern is also known as a wedge chart pattern."
which frankly says nothing really - just that it usually means its getting ready for a strong move either up or down.
But this may help you - If it does break up - another average thing is it should break up as far as its tallest bit - which in this triangles case is 9.2 cent low to a to 15 cents high (5.8 cents). So If it breaks up it should break out around from 2 cents so it should go to about 17.5-18 cents.
However if it breaks down it should go to about 5.8 cents.
Or as is also often the case - nothing happens and it just piddles out to the right side and does nothing.
so i'm sorry I cant help you more Mr Alligator.
And also Hoots - a triangle is anyway just a pennnat that gone on a bit longer, usually over a month. So this formation is somewhere in between pennant and triangle just to help make it all as clear as Mud.
But movcing away from the chart and only fundamentally speaking Id hereby like to take the opportunity get a bit rampy here and say FILL YER BOOTS.! woof woof!! woo hoo!!
