$Wynn has been trading in a range since 4/16. Please see chart A.There is a symmetrical triangle pattern developing within horizontal consolidation. Entry and Price Targets are clearly listed in the chart B. It is very important to stick to pre-decided prices to exit and enter the trade.
This shift in pattern from channel to triangle reveals interesting psychological behavior of traders. They are growing less confident of the direction of the trend and nobody wants to hold the stock for too long, which results in lower highs and higher lows. See numbered pivot points in chart B. Upper resistance line is showing lower highs and lower support line is showing higher lows.
Larger formations represent periods of greater uncertainty. They may be followed by another symmetric triangle, again indicating that traders are undecided about direction. If the symmetric triangle is resolved in the current trend direction, the trend is in full force, and a large price move is expected.
Triangles can be consistent indicators of investor confidence. Because they reflect human behavior, they are not always perfect in appearance and not always consistent in pattern. It takes experience to identify the formation in a timely manner.