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Beamstas, are you using elliot waves? If so, I thought wave 3 was meant to be the largest?bonkerss, I don't think there is a "correct" way to read a chart (apart from the really basic stuff like what is an upwards trend -> higher highs, higher lows etc.)I too would say that the pattern is too wide for a triangle...I'm not too sure about the support being really strong either. My interpretation would be that people are buying the stock at the "support" thinking that the price is going to break through the "resistance". There also seems to be evidence of the stock trying to break through (wide ranging bars approaching the resistance) but its just not getting there (it has done this twice by the way). This leads me to believe that there is heavy selling at the resistance and that it's heading downward...Btw which stock is this?
Beamstas, are you using elliot waves? If so, I thought wave 3 was meant to be the largest?
bonkerss, I don't think there is a "correct" way to read a chart (apart from the really basic stuff like what is an upwards trend -> higher highs, higher lows etc.)
I too would say that the pattern is too wide for a triangle...
I'm not too sure about the support being really strong either. My interpretation would be that people are buying the stock at the "support" thinking that the price is going to break through the "resistance". There also seems to be evidence of the stock trying to break through (wide ranging bars approaching the resistance) but its just not getting there (it has done this twice by the way). This leads me to believe that there is heavy selling at the resistance and that it's heading downward...
Btw which stock is this?
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