As of 06/07/2023
  Indus: 33,665 +91.74 +0.3%  
  Trans: 14,406 +345.09 +2.5%  
  Utils: 918 +15.80 +1.8%  
  Nasdaq: 13,105 -171.52 -1.3%  
  S&P 500: 4,268 -16.33 -0.4%  
YTD
 +1.6%  
 +7.6%  
-5.1%  
 +25.2%  
 +11.1%  
  Targets    Overview: 05/30/2023  
  Up arrow33,950 or 32,000 by 06/15/2023
  Up arrow14,600 or 13,350 by 06/15/2023
  Up arrow935 or 880 by 06/15/2023
  Up arrow13,600 or 12,200 by 06/15/2023
  Up arrow4,350 or 4,000 by 06/15/2023
As of 06/07/2023
  Indus: 33,665 +91.74 +0.3%  
  Trans: 14,406 +345.09 +2.5%  
  Utils: 918 +15.80 +1.8%  
  Nasdaq: 13,105 -171.52 -1.3%  
  S&P 500: 4,268 -16.33 -0.4%  
YTD
 +1.6%  
 +7.6%  
-5.1%  
 +25.2%  
 +11.1%  
  Targets    Overview: 05/30/2023  
  Up arrow33,950 or 32,000 by 06/15/2023
  Up arrow14,600 or 13,350 by 06/15/2023
  Up arrow935 or 880 by 06/15/2023
  Up arrow13,600 or 12,200 by 06/15/2023
  Up arrow4,350 or 4,000 by 06/15/2023

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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