Lasalle Properties (LHO): A Symmetrical Triangle Pattern

SUMMARY

Pattern identification is the first thing I do when using a new price chart. It's almost like doodling by connnecting lines across the tops and bottoms of prices at every possible combination. After doing it that way for a while, you can often actually just "see" the patterns and the more types and combinations you can "see" the more informative. The below is the primary pattern for Lasalle Properties (LHO); a symmetrical triangle (blue lines). This pattern often represents a point of indecision and pattern alone doesn't give much information on the direction of likely breakout.

By combining pattern with Elliott Waves, the red ABCDE can be labeled. Each is validated by the subwave count. Since the red E wave sits on the bottom trendline, price has more of a propensity to break upwards than down. Thereby, EW provides a probable resolution to what was only a 50/50 impasse using pattern only. The white arrow shows the bias that breakout will likely be to the upside.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--