Trading Triangle Patterns With Elliot Wave

27 Mar 2021

On the ascending triangle, price is not making any higher highs but is forming higher lows, and on the 5th extension, price broke out of the pattern. The descending triangle, price was forming lower highs but not forming lower lows, making this area a key level to price action marked in gray. After the 5th extension, price broke out of the pattern. Notice when these patterns had a breakout, the break out upward was above the 50 moving average, and when price broke below, the breakout was below the moving average.