Short Term: We have a potential Head and Shoulder formation that seems to just be finishing. It is approaching the neckline and looks like it may break above. If it breaks the 10,600 range we may see a run all the way up to 12,200+. A breakout above H&S is usually the same as the height of the neckline to top of head - which is 1,700 points. So 10,600+1700=12,300 range for a Target Price.
Mid Term: Looks like a potential ABCDE downward trending triangle is forming since the 13,800 high recently. We have completed what would be the C wave and are now forming the D wave. It is this D wave that would extend to the top of the channel at 12,300 ish. But after that we should see a decided pull back forming the E wave. That wave will move to the bottom of the channel in the low 8400ish range.
Long Term: After the ABCDE triangle and some sideways consolidation it will be rocket time.
Mid Term: Looks like a potential ABCDE downward trending triangle is forming since the 13,800 high recently. We have completed what would be the C wave and are now forming the D wave. It is this D wave that would extend to the top of the channel at 12,300 ish. But after that we should see a decided pull back forming the E wave. That wave will move to the bottom of the channel in the low 8400ish range.
Long Term: After the ABCDE triangle and some sideways consolidation it will be rocket time.
Comment:
Here we go ... Break out above neckline from inverted Head and Shoulders ... we will see 11,200 test and then 12,300 if it makes it thru that target.