Which of course adds a second even higher breakout target than the 1st one. It just recently retested the line as support and has been bouncing up from the retest which is what I’ve been waiting for to ensure the neckline was a legitimate one. It’s breakout target is the green one. At $106 *not financial advice*
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Current resistance is the weekly 50ma (not shown here) at around 83.8
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Price action has now correcting back below the green neckline…the current support line is the dotted teal ascending measured move line. I would not be surprised to see it correct all the way back to the teal neckline and retest it around the same time the 50ma (in orange) is overlapping it for double reinforced support.
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The target for the blue neckline has been officially hit. It had to be readjusted when price action went below the neckline again temporarily and moved down to the next place it broke up from it at…if you adjust the measured move line to that point you can see that the target has been hit. I will post a new chart update to show this..but it just got hit on the current candle!
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Target for the green neckline just recently hit!
