Great chat to take a look at today "PTON"
-We can see the ascending trendline and the Support resistance zone as the two key elements to understand this chart
The Ascending trendline represents the asset's long-term bullish trend, and we can see how the price is accelerating and taking distance from it.
-The Support Resistance zone was the previous level in which a huge corrective structure was formed (ABC pattern)
-After the breakout of it and a bullish impulse, we saw a corrective structure (smaller ABC pattern) finding support on the previous zone
-Now we had a breakout of the small structure, and we expect a continuation of the bullish movement towards 184.86 (First target in which we will move our stop loss to break-even) and then to the final target 205.5, where we will close our long setup
-The setup we developed was Entry above "B" and Stop below "C" (of the small corrective structure) / Break-Even and Take profit were explained on the previous items
-We can see the ascending trendline and the Support resistance zone as the two key elements to understand this chart
The Ascending trendline represents the asset's long-term bullish trend, and we can see how the price is accelerating and taking distance from it.
-The Support Resistance zone was the previous level in which a huge corrective structure was formed (ABC pattern)
-After the breakout of it and a bullish impulse, we saw a corrective structure (smaller ABC pattern) finding support on the previous zone
-Now we had a breakout of the small structure, and we expect a continuation of the bullish movement towards 184.86 (First target in which we will move our stop loss to break-even) and then to the final target 205.5, where we will close our long setup
-The setup we developed was Entry above "B" and Stop below "C" (of the small corrective structure) / Break-Even and Take profit were explained on the previous items