Cup & Handle - Bounce off weekly Golden Pocket?
There's been a lot of speculation whether or not the cup and handle has been invalidated on the daily and bigger hour time frames.
I personally think this is now going to be the completion on the weekly. Why?
1) Support is holding strong at 0.036
2) It is now in the weekly golden pocket which also adds confluence to support between 0.035-36
3) Falling channel also adds confluence to the support area
4) Volume is at -1.10 on the daily which hints that sellers are exhausted
5) The cup and handle pattern has played out almost perfectly
Come tomorrow's weekly close will determine if the cup and handle is invalidated or not.
If the price bounces from the 0.035 GP, we could have at least a 300% pump to 11 cents.
Taking profits at the previous high of 0.09125 at TP1.
Not financial advice.
I personally think this is now going to be the completion on the weekly. Why?
1) Support is holding strong at 0.036
2) It is now in the weekly golden pocket which also adds confluence to support between 0.035-36
3) Falling channel also adds confluence to the support area
4) Volume is at -1.10 on the daily which hints that sellers are exhausted
5) The cup and handle pattern has played out almost perfectly
Come tomorrow's weekly close will determine if the cup and handle is invalidated or not.
If the price bounces from the 0.035 GP, we could have at least a 300% pump to 11 cents.
Taking profits at the previous high of 0.09125 at TP1.
Not financial advice.
Comment:
SL @ 0.032
Trade closed: stop reached