As of 10/15/2020
  Indus: 28,494 -19.80 -0.1%  
  Trans: 11,989 +101.34 +0.9%  
  Utils: 875 +0.03 +0.0%  
  Nasdaq: 11,714 -54.86 -0.5%  
  S&P 500: 3,483 -5.33 -0.2%  
YTD
-0.2%  
 +10.0%  
-0.4%  
 +30.6%  
 +7.8%  
  Targets    Overview: 09/29/2020  
  Up arrow29,300 or 27,400 by 11/01/2020
  Up arrow12,000 or 11,000 by 11/01/2020
  Up arrow915 or 840 by 11/01/2020
  Up arrow12,800 or 11,300 by 11/01/2020
  Up arrow3,700 or 3,400 by 11/01/2020
CPI (updated daily): Arrows on 9/25/20
As of 10/15/2020
  Indus: 28,494 -19.80 -0.1%  
  Trans: 11,989 +101.34 +0.9%  
  Utils: 875 +0.03 +0.0%  
  Nasdaq: 11,714 -54.86 -0.5%  
  S&P 500: 3,483 -5.33 -0.2%  
YTD
-0.2%  
 +10.0%  
-0.4%  
 +30.6%  
 +7.8%  
  Targets    Overview: 09/29/2020  
  Up arrow29,300 or 27,400 by 11/01/2020
  Up arrow12,000 or 11,000 by 11/01/2020
  Up arrow915 or 840 by 11/01/2020
  Up arrow12,800 or 11,300 by 11/01/2020
  Up arrow3,700 or 3,400 by 11/01/2020
CPI (updated daily): Arrows on 9/25/20

Bulkowski on the Ascending Triangle Elliott Wave Pattern

 

This page describes the ascending triangle pattern of the Elliott wave principle, how price moves not in a straight line but in a series of rises and retracements.

 

The ascending triangle in a bull market. The figure to the right shows what an ascending triangle looks like in a bull market. The ascending triangle is a region of horizontal price movement, a consolidation of a prior move, and it is composed of "threes." That means each of the A-B-C-D-E waves have three subwaves. I labeled the B subwaves with red numbers, 1, 2, and 3 as an example. Expect volume and volatility to recede as the pattern moves toward the breakout, but this is not a requirement.

In an ascending triangle, the top of the triangle bumps up against overhead resistance (the horizontal red line), and the bottom of the triangle slopes upward following another red trendline.

 

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The ascending triangle in a bear market. An ascending triangle in a bear market is not an inverted picture of a bull market triangle. Rather, the chart to the right shows an ascending triangle with the waves inverted while still obeying the flat top and up sloping bottom trendlines. The A-B-C-D-E waves subdivide into threes, forming a 3-3-3-3-3 configuration.

On rare occasions, an ascending triangle can nest inside an ascending triangle. You see this when the wave count exceeds the A-B-C-D-E format, forming a nine wave pattern. Also, Frost and Prechter say that when price reaches the apex of the triangle, expect the market to turn.

 

Ascending Triangle Rules

The ascending triangle has rules that govern its shape. They are listed here.

-- Thomas Bulkowski

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See Also

 

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My novels:  Bumper's Story Head's Law

Chart Patterns: After the Buy Getting Started in Chart Patterns, Second Edition Trading Basics Fundamental Analysis and Position Trading Swing and Day Trading Visual Guide to Chart Patterns Encyclopedia of Candlestick Charts Encyclopedia of Chart Patterns 2nd Edition Trading Classic Chart Patterns

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