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  • Jay

...either way, it's not bullish...

Let's have a look at Square ($SQ) on a weekly chart.

After a nice uptrend, the price went into a sideways range. From this back and forth (of price), you would be able to spot a symmetrical triangle (gray) and/or an ascending triangle (blue).

In theory, a symmetrical triangle is where the price should break the sideways range and continue in the direction of the prevailing trend (in this case, up).

Still in theory, an ascending triangle is where the price should breakout and continue in an uptrend...

In the real world, as you can see from this chart, the price did the exact opposite and actually broke down !

We might still be in a sideways range... but I feel the path of least resistance is to the downside.

$SQ weekly chart

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