A common look for macro reversals in this market. UMA looks to be at an early stage here.
In the context of the 3day bullish dragon we would be looking for a break of the supply line, and and an impulsive move to the "hump" or last point of supply. Above that confirms the breakout of the dragon, and essentially, the local double bottom. That might be an area would could also anticipate a pullback, maybe for a checkback of 2.45 to test support.
Above that would be 4.23 which is the overhead resistance of the right angled and descending broadening formation. This is also a zone we'd expect to see a pullback and usually a high and tight consolidation which ultimately gives you a partial decline if / when it retests the 4.23 level.
6.56 above that would be the measured move of the local double bottom which is right around the local 1.618 extension at 6.02, then 11.20 at the 618 would be the major dragon target, with the measured move of the broadening formation at 14.88, and 16 at the 2.618
In the context of the 3day bullish dragon we would be looking for a break of the supply line, and and an impulsive move to the "hump" or last point of supply. Above that confirms the breakout of the dragon, and essentially, the local double bottom. That might be an area would could also anticipate a pullback, maybe for a checkback of 2.45 to test support.
Above that would be 4.23 which is the overhead resistance of the right angled and descending broadening formation. This is also a zone we'd expect to see a pullback and usually a high and tight consolidation which ultimately gives you a partial decline if / when it retests the 4.23 level.
6.56 above that would be the measured move of the local double bottom which is right around the local 1.618 extension at 6.02, then 11.20 at the 618 would be the major dragon target, with the measured move of the broadening formation at 14.88, and 16 at the 2.618