I posted a case on the daily taking some liberty with the possibility of a symmetric triangle -- I determine a bullish case due to MACD/RSI/OBV suggesting a positive divergence with respect to price. In this case, I with a descending triangle, I see a channel that is forming in a possible uptrend with significant fib resistances.
JCP has a few things going for it. We have a nice Fib setup, if we can see some stability above 9.20, We could see the price jump up to 10.35. Also, this same level is the high from back in December. I usually love the 1.618 extension, but with so much resistance coming at the 1.27, i would be leary of pushing to hard for more money. Also earnings come out...
notice that we are NOT using candlesticks, but rather Heiken Ashi. Heiken Ashi is very similar to the regular japanese candlesticks, but it fills in the gabs that are missing with the movement. ie if it was a bearish gap, there will be a bearish candlestick. This makes it MUCH easier to visually look at charts, as well as predict reversal candlestick patterns...
As always, I love price breakouts and using Fib levels to understand where the market should head to next. If we can see USDJPY break above this downward trendline, (which will then become support) and if we can see a little price action remaining above it, we should look at this continuation of the ABCD pattern. However, we have to be aware of this new downward...
This has totally failed! While doing this I noticed that when I drew the Fib Time Zone that it lined up really close to the peak to peak line that I drew. As a matter of fact it seems that every peak has been following the Fib Zone 1,2,3... Now price predictions are going to be much harder to predict. Since there isn't an old data to base future up swings on...