Price action and chart pattern trading setup & target
> This wave analysis in weekly timeframe indicates a possible new 1-wave ABC uptrend reversal pattern with an inversed head & shoulders pattern support.
> ENTRY: A possible pullback trade at neckline breakout zone
> TARGET: head & shoulders targeting 1.618 extension +30% upside
> RESISTANCE: 1.0 Fibonanci...
While VGI was forming Triangle pattern, we expect it would breakout up the triangle with uptrend. However, it chose to go down instead. Thus, we still use the pattern for trading in downtrend. The 1st Target price as Fibo P.61.8% of height of triangle is expected. We made the trading plan as the below chart. Good Luck!
