If we take a wider view and analyze the daily chart, we quickly are able to identify the formation of a pennant. This usually suggests continuation of current trend. If it breaks down through the triangle, the target should be around ~40 (length of the flag pole)
If it breaks the other way, then target should be around ~82-84 (length of wave A). Even if it retraces back to ~40, the target for the bigger wave B should be the same around ~82-84.
If it breaks the other way, then target should be around ~82-84 (length of wave A). Even if it retraces back to ~40, the target for the bigger wave B should be the same around ~82-84.
Comment:
Broke through the triangle, should take us down once more now
Comment:
first support broken
Comment:
second support broken, updated chart
Comment:
Point B at 82.70 not 83.75