DESCENDING TRIANGLE

Price broke the bottom trendline of a bearish rising wedge a while back and price broke the bottom trendline and recovered. Both trend lines slope up and narrow at the apex.

M pattern within the triangle that broke the bottom trendline but a throwback occurred and price recovered. This M has a 4th leg that terminated at the 1.618, so most likely a Crab. Peak 2 of the M is lower than peak 1.

A throwback differs from a pull back as a throwback is a break of a pattern that pulls back up or down (depending on which way it breaks) in a much faster time frame than an actual pull back.

I turned the support line for the triangle blue versus green because it has been broken.

Price is sitting on top of the support line today.

All triangle, descending, ascending and symmetrical, are neutral until broken.

Targets for a break up are in green with target 1 in larger type than T2 and so on. T2 is listed incase T1 is passed. Targets in orange type are for a break down from the triangle.

No recommendation.

At a glance, this chart does not look super healthy and appears to be struggling )o: