Will RIGL breakdown completely?
From what I have learned, the Triangle is a continuation pattern, in this case, a sign to short the market.
You can look at it this way: the bulls are trying to escape the triangle to the top, but the bears are in control and push them back to the bottom. Then the bulls try again, but some bulls became bears in the mean time, and so the bears are getting stronger, and with every failed contempt, the bulls are getting weaker and weaker until even the last bull turns into a bear. In the past it usually took 6 bounces. Ant thats the point where the support breaks. And then we usually have a move, as big as the triangle is at its widest point.
So I keep watching the epic battle on this stock, and once a daily candle closes below the support, I will take an entry.
You can look at it this way: the bulls are trying to escape the triangle to the top, but the bears are in control and push them back to the bottom. Then the bulls try again, but some bulls became bears in the mean time, and so the bears are getting stronger, and with every failed contempt, the bulls are getting weaker and weaker until even the last bull turns into a bear. In the past it usually took 6 bounces. Ant thats the point where the support breaks. And then we usually have a move, as big as the triangle is at its widest point.
So I keep watching the epic battle on this stock, and once a daily candle closes below the support, I will take an entry.
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Free Trading Education:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.