Those who follow the Wave Principle will tell you that knowing your wave patterns is vital. If you can identify the pattern, you can often tell the direction and nature of future price moves. There are many different patterns with names like zigzags, leading diagonals and expanded flats, but the one I'd like to focus on is the contracting triangle.
http://www.elliottwave.com/freeupdates/archives/2010/06/22/Technical-Lesson-Contracting-Triangles----As-Seen-in-the-Dow-.aspx
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