“Ascending Triangle or Symmetrical Triangle? ” by trader heyitskolin — published September 15, 2018 — TradingView

So we have ourselves either a bullish ascending triangle with a target of close to 7K, or a symmetrical triangle which can take us to 71XX on a break to the upside; or somewhere between 5700-5880 on a break to the downside. Regardless of which one plays out, I think it is likely we touch the bottom support line at around 6285-6310ish before a decision on direction is made. I have been short since about 6500 and will be looking to close it around 6300.

As per my previous analysis I was originally looking for a drop to 6K before a run up to 11K, however I am now reassessing. Ideally we want to stay above the purple uptrend line around 5900ish. If we do drop to the downside then this is where we are likely to find support. A drop below the yellow line takes us to a lower low and paints a much more bearish picture longer term.

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