November 2012
Intermediate to advanced
352 pages
7h 45m
English
Content preview from Visual Guide to Chart Patterns
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Descending Triangles
Descending triangles share characteristics of their ascending brothers including one horizontal trendline and another sloping.
Exhibit 9.1 shows two examples in red.
Starting in May, the stock drops like a Texas hailstone and slams into support at A, bounces several times and forms a descending triangle.
Points A, B, and C highlight valleys that align along a horizontal bottom trendline. Along the top, peaks D, E, and F touch another line, but this one slopes downward. The two trendlines merge at the triangle’s apex.
Volume trends downward (G) until spiking on the breakout day, and that behavior is typical of many chart ...
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