Larger inverted H&S structure, angled.
Symmetrical triangles can be assumed if price begins to rise, favouring continuation
Expecting continuation and bullish results along the trend line of the H&S
Comparing two points along a major trend line
They can be compared due to there position relative to the previous fib circle
also in there structure aswell
I expect movement to follow how the green arrow moved in the earlier scenario
*Trading idea*
Looking at a triple bottom chart pattern on $ABCB
The price has broken through the neckline and is looking good to move upwards into the next 3 Fibonacci levels based on the MACD.
The final profit target I'm looking at is at the golden ratio Fibonacci level 0.618.
TP1 @ 29.53 (0.382 Fib)
TP2 @ 32.41 (0.50 Fib)
TP3 @ 35.28 (0.618 Golden ratio)...
ABCB is closing in on an advanced pivot that is clearly visible on both the daily and the weekly charts. When pivots are visible on multiple time frames they stand a better chance at working.
Here's the setup...
SETUP: 2nd stage flat base
Classic Pivot : 47.70
Advanced Pivot : 45.15
Support : 42.75 and rising 50dma/10wk line
**note** 50dma and 10wk...
There are a few things I like about this setup:
All moving averages are accelerating
The RS line is near highs
Price action is tightening as we approach the pivot
Clear support along the 50dma so far
Strong industry group (top 50 per IBD) and other stocks setting up within the group
Earnings is already out of the way
I see the pivot as being the recent...
