Symmetrical TriangleI haven't posted an update on EMC Metals in a while and looking at my charts this morning I noticed a Symmetrical Triangle that's been forming over the last few weeks. Remember that it takes a minimum of 3 weeks to form and needs at least 5 touch point on the trend lines. In the case of EMC Metals, we've had 4 touches so far (in my books) and its been about 4 weeks since the last high (which formed the top down trend).
.40 has become the pivot point for it and I expect a minimum of another week before it attempts to break out of the formation. Indicators are in the "I don't know" zone and could turn upwards really quick from here. See if makes another touch down on the bottom trend line and holds it. If it does, I'll be taking another position in EMC Metals to see of the formation works out for me.
Aggressive entry would be the down trend line at
.37 with a stop loss at
.33. The conservative entry would be to wait for the confirmed breakout at
.42 on high volume. First target would be the formation's measured move which is
.11 (first touch point on bottom trend line to first point on top trend line) making the target at
.53 from confirmed break out for gains of 43.2% from the agressive entry and 26.1% from the conservative entry, which is very close to my initial target set a long time ago on EMC Metals when I first called it and said it would do
.56.
See chart here ...
https://us1.campaign-archive1.com/?u=4d6d491aea8e01d93d8a1f390&id=4d2441b7c0
Cheers!