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Tagged: Triangle pattern
What is triangle pattern? What are the conditions to qualify as perfect triangle?
The line chart pattern in the form of 5 waves(A-B-C-D-E) should construct a triangle while connecting the tops and bottoms ,with the duration of 1.5 months.
Condition for triangle:
Visible triangle formation while connecting tops and bottom in straight line, triangle area should be 1.5 months duration.
Triangle can breakout in any direction but high volume during breakout.
Triangles are commonly found in the price charts of shares/securities. It is characterized by a contraction in price range and converging trend-lines giving it a triangular shape.
Hi Pradeep, Kindly list down the conditions to qualify the triangle….
The conditions to qualify as perfect triangle are as below : –
1) There should be a 5 wave Corrective pattern to form a triangle shaped structure.
2) The triangle area should be minimum of 1.5 months.
3) The break out is expected at around 70% zone and volume is required to confirm the break out.
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