Will recalculate exact numbers when the pattern starts to trade at the Breakout price.
There are 2 ways to calculate target price of Descending Broadening Wedges.
Lets go with the Breakout Price rather than the Higest High.
Breakout Price + ((High – Low) * 79%) = $36
Last week posted that there were 2 Head and shoulders on Cable,
The prior H&S broke the neck, but now the neckline has become supt. so that was negated,
still had a good run and a stop would have made money,
So now we try the other one target spike 1.52 1st see what happens at the neck 1st target
Silver has retested (3rd time) its neck line, again found support. Neck coincides with 100dma.
Target is well above as mentioned in prior published idea.
To calculate the target of this bottom reversal pattern
Have taken the distance from the neck to the head
by drawing a simple ray and added it to where the price broke the neck.
Note that price tested the neck for support and bounced this confirms
the formation and we have a target of $20+
