Chart 87
set of uptrends and downtrends creating a symmetrical triangle. I will treat these setups the same way as when I have multiple patterns forming (Ch 8.8).
- Chart 8.8
Rallies and sell-offs can also be measured and predicted! And much like how we have now learned to draw support and resistance, uptrends, and downtrends, we can also draw retracement levels.
Imagine that you are waiting to enter the market if prices trade above the downtrend or prices trade below the uptrend (Ch 8.8). Where would you place your profit target? How far is the market most likely to go before it bounces? Once you learn to draw Fibonacci levels you will see how precisely you will be able answer these questions!
The Difference Between Major and Minor Trendlines
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