I've seen this pattern multiple times, but how well will it follow this time? If this continues to play out, I'm expecting:
- Short consolidation around the previous bottom (red box)
- Dropping a bit further to form the actual double bottom (white box).
- Rally to resistance (yellow box).
My target bottom range 6300-6500 also happens to align with the CME gap.
- Short consolidation around the previous bottom (red box)
- Dropping a bit further to form the actual double bottom (white box).
- Rally to resistance (yellow box).
My target bottom range 6300-6500 also happens to align with the CME gap.
Trade closed: target reached:
w