Chart 6 Support and Resistance

This is a chart pattern called an ascending triangle.....a consolidation period, usually seen in the 4th wave of the up cycle...see video on triangles....this is a time period accumulation phase where price retraces sideways rather then down.....as price moves up to resistance buyers are reluctant to pay a higher price as a result the price is rejected and falls , not to a lower low but a higher low than the previous low. This means the sellers are drying up on each consecutive Dip. Eventually the sell orders completely stop and the buyers take control (usually on the 3rd attempt) pushing price thru the resistanceline and a surge to the up side begines....