ONCO has been consolidating for quite a while. The reason I'm looking at it now is because it has just found support on the daily cloud (not on the chart displayed) and just arrived at the bottom of the weekly cloud. So now let's see if it will enter the weekly cloud.
Once it does, I see a bullish scenario unfolding.
I've drawn 2 potential scenarios;
Scenario ORANGE:
- We get into the cloud and test the bottom of the cloud.
- We fill the gap at 119.70
- We test the bottom of the large triangle one more time.
- Then we break above the cloud and the triangle, retest the triangle and off we go!
Scenario GREEN:
- We break straight into the cloud and through.
- Retest the cloud and then break the triangle upward with a retest.
So let's see what will happen!
Once it does, I see a bullish scenario unfolding.
I've drawn 2 potential scenarios;
Scenario ORANGE:
- We get into the cloud and test the bottom of the cloud.
- We fill the gap at 119.70
- We test the bottom of the large triangle one more time.
- Then we break above the cloud and the triangle, retest the triangle and off we go!
Scenario GREEN:
- We break straight into the cloud and through.
- Retest the cloud and then break the triangle upward with a retest.
So let's see what will happen!
