Resistance becomes support (Red arrows)
The new support was tested 2 times by the price which gives more validity to the concept that resistance becomes support
Pattern recognition: I follow 1300 companies approximately and spend hours searching in my watch-list, from Basic Materials to Transportation Companies.
When I recognize a pattern it does not take more...
two-year-long consolidation since 2015
8-21: short signal
9-20: short trap confirmed, strong long signal
10-04: fail to cross previous high, sell if fall below support 172
10-20: challenge previous high again, succeed, long signal
10-24: cross long term trend line, confirmed long, buy again
after: hold if it doesn't fall below support 183, positive long until 220~230
So presented here is an outside foxwave or harmonic pattern, market is very sideways so there isn't much upside, maybe the market will go sideways for a little while once in the trade so we can get a better profit. As I will be using the red trendline as the tp for this trade. What I like about the trade is the 3 pins dropping below the support (black horizontal...
