Change of price trend.
THE SYMMETRICAL TRIANGLE
Symmetrical triangles, sometimes called coils, are a popular chart pattern because they appear often and perform reasonably well in a bull market.
Price trend Can be any direction leading to the chart pattern.Triangular shape, Prices move between two converging trendlines.
Two trendlines bound prices; the bottom trendline slopes up and the top one slopes down.Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
TPrice must touch each trendline at least twice, forming distinct valleys and peaks.
Volume Trends downward 86% of the time and Breakout Upward 54% of the time and 75% of the way to the triangle apex (upward breakout).
More consolidation down at the green zone should make the symmetrical triangle complete.
Technicals suggests that price will always get back to 0.5fibonacci retracement level, consolidates a little before moving to a new high.
Only when price breaksout of the triangle and closes out it, this is a strong signal to take a position.
BUY : $153 up to $172
SELL: $251 up to $554
STO LOSS: $111
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.