MEDC - Symmetrical Triangle

Latest MEDC chart showed a Symmetrical Triangle Pattern.

The Symmetrical Triangle usually forms during a trend as a continuation pattern. While there are instances when symmetrical triangles mark important trend reversals, they more often mark a continuation of the current trend.

in the book of Technical Analysis of Stock Trends, Robert D. Edwards and John F. Magee suggest that roughly 75% of symmetrical triangles are continuation patterns and the rest mark reversals.

Regardless of the nature of the pattern, continuation or reversal, the direction of the next major move can only be determined after a valid breakout.

If the price break up the resistance line at 5.500, it considered as a Buy signal. Be wary of breakouts from triangles where the valid breakout does not occur until the apex of the triangle.
Experts, including Edwards and Magee, maintain that the most reliable breakouts occur about two-thirds of the way along the triangle. In this case two-thirds of latest MEDC triangle is approximately at 5.600.

But if the price break down the support line at 5.150, then it is a Sell signal.

Best Regards,