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Key Technical Analysis Concepts. Getting Started with Technical Analysis. Essential Technical Analysis Strategies. Technical Analysis Patterns. Technical Analysis Indicators. What Is a Triangle? Key Takeaways In technical analysis, a triangle is a continuation pattern on a chart that forms a triangle-like shape.
Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Terms Ascending Triangle Definition and Tactics An ascending triangle is a chart pattern used in technical analysis created by a horizontal and rising trendline. The pattern is considered a continuation pattern, with the breakout from the pattern typically occurring in the direction of the overall trend.
Symmetrical Triangle Definition A symmetrical triangle is a chart pattern characterized by two converging trendlines connecting a series of sequential peaks and troughs. Descending Triangle A descending triangle is a bearish chart pattern created by drawing a trendline connecting a series of lower highs and one connecting a series of lows.
A continuation pattern is an indication that a price trend in the financial markets will continue even after the pattern completes. Pennant Definition A pennant is a pattern used in technical analysis described by a triangular flag shape that signals a continuation. Either-Way Market In investing, an either-way market describes a situation where there is roughly an equal chance for a market to move up as it is for it to move down.
Partner Links. Related Articles. Another crucial step in identifying a corrective triangle pattern is to have two separate trendlines drawn in the chart. These trendlines must connect the ends of a-, c-, and e-waves, as well as the ends of b- and d-waves. The two types of triangle patterns are differentiated by the direction of these two trendlines. So, to repeat it once again, there are two main types of corrective triangles within the Elliot Wave theory:.
In fact, an average chart with any given timeframe will probably show at least one contracting triangle. As noted earlier, the contracting triangle pops up when the two trendlines connecting a-c-e and b-d points come closer together. What this means is that the asset price becomes less and less volatile over time and it continuously posts lower highs and higher lows. This specific pattern usually forms before the major economic releases or other important anticipated events, when the suspense is really high and everyone is waiting for a major announcement.
As that announcement is made, the low volatility levels are instantly changed and the contracting triangle breaks higher or lower of the pre-determined trendline. This basically happens after almost every stabilization period: the asset volatility is constantly decreasing to the point where the price breaks with a major increase or decrease.
As pointed out earlier in the description, expanding triangles form less frequently than contracting triangles, and that has something to do with the vicious nature of this pattern. However, it is worth mentioning that it forms way often on the foreign exchange market than on other markets. So, what is an expanding triangle pattern? As the Elliott Wave theory explains, there will be certain times when the price fluctuations in the corrective patterns are exceptionally intense.
Moreover, each individual leg is larger than the previous one, forming an expanding structure within the chart. Now, when an expanding triangle occurs, it sends out contradictory signals to traders, which leads them to make faulty decisions and be ejected from the trade. The first immediate response you would have is to rush and open a position in the direction of a b-wave, while placing the stop-loss at the beginning of it.
In a very short time, the new d-wave starts to kick in with the opposite direction. This is basically the usual outcome when the expanding triangle chart pattern occurs. This will usually withhold them from opening a new trade, failing to recognize the expanding wave pattern in the first place, and being blinded by this illusion that the e-wave will never end. And while this is certainly a myth and the price will definitely break from the e-wave, the vicious fluctuations before will prevent people from seeing that.
Even the expanding triangles have their own sub-types that differ from one another in terms of their specific formations. Out of all existing expanding triangle patterns, the horizontal expanding triangle is the rarest form that can form in the chart. The horizontal expanding triangle has every next wave larger than the previous one, just like we said when explaining the basics of expanding triangles.
And, it goes without saying that such fluctuations are the most damaging of all. As the name of this triangle pattern suggests, the formation of an irregular expanding triangle will include some sort of unexpected patterns. And fairly enough, there is an irregularity here: instead of every single wave being larger than the previous one, the b-wave will be significantly smaller than all other waves, including the initial a-wave. Plus, the fact that the b-wave is smaller makes it easier to see the expansion of the two trendlines more clearly — the degree of the b-d trendline is more acute.
The final expanding wave pattern in the Elliott Wave theory is the running expanding triangle. This is the most abnormal form of a triangle that can be seen in the chart, however, it is the most common to occur at the same time, which is why it is important to understand the key characteristics of this pattern.
So, what does the running expanding triangle look like? Well, just like in the irregular expanding triangle, here the b-wave is also the smallest one of all. Then there is a c-wave that is bigger than the d-wave, and the e-wave that is again bigger than the d-wave. Whenever a running rising triangle stock pattern or any other market-related pattern forms, you should expect that every single triangle will end below or above the previous one.
And the exact formation will depend on whether the triangle is bearish below or bullish above. So, it goes without saying that expanding triangles are quite useful in trading Forex, as well as other financial markets. As we have discovered, the original discoverer of these patterns, Ralph Nelson Elliott has conceptualized the idea that the markets undergo regular cycles of impulsive and corrective patterns that ultimately stabilize the market, although there are quite significant breaks as well.
It consists of five individual legs and three consecutive triangles. A basic description of this pattern is that each wave is larger than the previous one, which creates continuous expansion and high volatility levels. The first one, the horizontal expanding triangle, repeats the exact same movement where every new price wave is larger than the previous one.
Although, the irregular expanding triangle has the b-wave smaller than all other waves, whereas the running expanding triangle has the b-wave smaller than the a-wave, d-wave smaller than the c-wave, and the e-wave larger than the d-wave. Ultimately, being able to detect expanding triangles on a chart allows you to get ready for a new price breakout that will provide major chances to your position.