60 Minute chart (not shown): Consecutive 60 minute closes above the upper boundary of a Pennant pattern that has formed could project up to ~ 3203.
Daily chart (not shown): - Previously depicted 'Consolidation Channel' pattern has re-generated another projection up to ~ 3377 after the first projection was negated with following consecutive closes back inside the pattern.
- A recently formed 'Flag' pattern from the June 7th recovery high could generate a projection up to ~ 3400 with consecutive Daily closes above its upper boundary.
However, a possible fly-in-the-ointment is the 5 waves down on the Daily chart from the June 7th recovery high which suggests that the current move back up from the June 14th low is forming a minor 'a-b-c' countertrend move with the 'b' pullback possibly completing here now with another minor push up in a 'c' to complete the countertrend move before another 5 waves down to complete a corrective move down from the June 7th recovery high.
Or ... the first 5 waves down from the June 7th marked the start (i.e., 1st wave down) of a larger '1-5' count with
the larger 'b' on the Monthly chart having completed this month already.
Hmm ... three potential bullish pattern projections, what could go wrong ... ?
- Perhaps a 25% short/hedge position at 3203 with a stop just above the June 7th recovery high of 3233.13 might be worth a shot ...
Daily chart (not shown): - Previously depicted 'Consolidation Channel' pattern has re-generated another projection up to ~ 3377 after the first projection was negated with following consecutive closes back inside the pattern.
- A recently formed 'Flag' pattern from the June 7th recovery high could generate a projection up to ~ 3400 with consecutive Daily closes above its upper boundary.
However, a possible fly-in-the-ointment is the 5 waves down on the Daily chart from the June 7th recovery high which suggests that the current move back up from the June 14th low is forming a minor 'a-b-c' countertrend move with the 'b' pullback possibly completing here now with another minor push up in a 'c' to complete the countertrend move before another 5 waves down to complete a corrective move down from the June 7th recovery high.
Or ... the first 5 waves down from the June 7th marked the start (i.e., 1st wave down) of a larger '1-5' count with
the larger 'b' on the Monthly chart having completed this month already.
Hmm ... three potential bullish pattern projections, what could go wrong ... ?
- Perhaps a 25% short/hedge position at 3203 with a stop just above the June 7th recovery high of 3233.13 might be worth a shot ...
Note
Higher 'Pennant' projection negated with consecutive 60 min closes back below its original upper boundary.Possible 'Flag' or 'Consolidation Channel' now forming with a potential upside projection to be generated to ~3235.50 on consecutive 60 min. closes above the new upper boundary (~3157.50)
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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.