Descending triangle OR symmetric triangle? Place your bets!
Hi fellow enthousiasts,
Looks like there is a big move coming up, but it is not clear to me at this moment what pattern exactly is forming.
I think we will find out soon. :-) The targets seems quite realistic: up we test the channel wall, down we land on a strong support level.
Happy trading!
Looks like there is a big move coming up, but it is not clear to me at this moment what pattern exactly is forming.
I think we will find out soon. :-) The targets seems quite realistic: up we test the channel wall, down we land on a strong support level.
Happy trading!
Comment:
Looks like purple won and after a fake break up we did indeed go to the target area.
For now I would expect we go up to test the middle of the channel again and the 8500-8550 resistance zone. It looks like we did test the upper wall of the bigger downtrend channel below so it might be that we head down again to test that again.
Conclusion: tricky trading here:
- supports below are lower wall of current downtrend channel and upper wall of the bigger and older downtrend channel.
- first resistance above is 8500-8550 zone
- optimistic up target would be the upper wall of the current downtrend channel.
Happy trading all!
C.J.