Symmetrical Triangles can go either way. This one appears to be breaking to the upside.
HRC fell from a bearish rising wedge at 117.68 and fell the entire width of the wedge pattern. On average, stocks fall 35% if, and when price breaks the lower trendline of the wedge. A rising, narrowing wedge is usually bearish but is not valid until price breaks that bottom trendline. I have not seen too many stocks fall the possible target for a bearish RW, but this one did. To find entire target, simply find the bottom trendline and draw a parallel line.
The gap above will most likely cause R so beware. Some just shoot through the R of that window, but it is usually due to good news or an earnings beat, etc, if they do do it with ease. For some it will be a struggle, but most gaps fill, whether it is above you or below you. So gaps overhead do not bother me as much as gaps below me.
Just an observation
HRC fell from a bearish rising wedge at 117.68 and fell the entire width of the wedge pattern. On average, stocks fall 35% if, and when price breaks the lower trendline of the wedge. A rising, narrowing wedge is usually bearish but is not valid until price breaks that bottom trendline. I have not seen too many stocks fall the possible target for a bearish RW, but this one did. To find entire target, simply find the bottom trendline and draw a parallel line.
The gap above will most likely cause R so beware. Some just shoot through the R of that window, but it is usually due to good news or an earnings beat, etc, if they do do it with ease. For some it will be a struggle, but most gaps fill, whether it is above you or below you. So gaps overhead do not bother me as much as gaps below me.
Just an observation