Also known as a horizontal trading range and is considered to be a consolidation pattern.
The top line (red) is resistance. A break of this line with an uptrend is considered to be EL.
The bottom line is support and a break of this line with a downtrend is used as ES.
Targets over the structure in green are for a break to the upside. T1 is larger type than T2 and so on.
Sometimes all we get is T1 either way this breaks. Some would trade inside the rectangle.
Price is at a resistance level today.
No recommendation.
The top line (red) is resistance. A break of this line with an uptrend is considered to be EL.
The bottom line is support and a break of this line with a downtrend is used as ES.
Targets over the structure in green are for a break to the upside. T1 is larger type than T2 and so on.
Sometimes all we get is T1 either way this breaks. Some would trade inside the rectangle.
Price is at a resistance level today.
No recommendation.