Potential Bullish Triangle Formation

Potential Bullish Triangle Formation


Since January, price has been caught in a range between 2.5383/1.21545, forming a triangle pattern .
Also we can tell this by looking at the shorter term MA as its signally a flattening of direction. However the longer term MAs are still sloping upward
which suggest the trend is still going up.

From an Elliot Wave perspective, we could also be in a subwave 4 formation so a B/O above the trendline could be expected. Entries can be taken at the test of the TL, but more conservatively you could wait for a B/O of the upper trendline then retest to go long.

Of course price may do the complete opposite and breakout to the bottom.