Sometimes it's a good idea to just erase everything and take a look from a different perspective. With everyone talking about the triangle (including myself) I wanted to zoom out and see if I notice anything else.
I saw a clean channel up, a clean channel down to a perfect 0.5 retracement, and what may be another clean channel forming (hopefully if the wedge breaks bullishly). This looks like a perfect "measured move" pattern (or the A-B = C-D pattern). Basically, the A-B leg is equal to the C-D leg with the same or close slope, with a 0.3 or 0.5 fib bounce from B-C as optimal circumstance. And I couldn't help but think this is following that perfectly PLUS the price target (mid $90s by mid Nov-Dec) is what I have been predicting. A long shot, but I wanted to post it just because it would be really cool if it starts to follow the second leg. I guess we'll find out soon since the wedge is about to be broken any day now.
Remember this is not financial advice especially this post since we are waiting on the start of the second leg to form as confirmation haha. Let me know what your guys think.
I saw a clean channel up, a clean channel down to a perfect 0.5 retracement, and what may be another clean channel forming (hopefully if the wedge breaks bullishly). This looks like a perfect "measured move" pattern (or the A-B = C-D pattern). Basically, the A-B leg is equal to the C-D leg with the same or close slope, with a 0.3 or 0.5 fib bounce from B-C as optimal circumstance. And I couldn't help but think this is following that perfectly PLUS the price target (mid $90s by mid Nov-Dec) is what I have been predicting. A long shot, but I wanted to post it just because it would be really cool if it starts to follow the second leg. I guess we'll find out soon since the wedge is about to be broken any day now.
Remember this is not financial advice especially this post since we are waiting on the start of the second leg to form as confirmation haha. Let me know what your guys think.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.