With the bullish action the last few days, I wanted to check the overall market structure to see if any major breaks had occurred. We are still ranging within this descending triangle since mid-January 2018.
By my calculations it could be another 39 days - 59 days until we break out of this long term descending triangle. You can see that the range is tightening, which is a good indication for a breakout. Think of a spring coiling...
My classical charting training says that the descending triangle is a bilateral pattern so the breakout could be either bullish or bearish. More patience required, although it is not unheard of for a break before the apex is reached so it could happen at any time if there is FUD or the Whales have other ideas.
By my calculations it could be another 39 days - 59 days until we break out of this long term descending triangle. You can see that the range is tightening, which is a good indication for a breakout. Think of a spring coiling...
My classical charting training says that the descending triangle is a bilateral pattern so the breakout could be either bullish or bearish. More patience required, although it is not unheard of for a break before the apex is reached so it could happen at any time if there is FUD or the Whales have other ideas.