I recently posted my idea about nested LINK patterns and am seeing something similar in ALGO.
The ALGO 1D chart is showing a cup & handle pattern. I put the target between .42-.64 depending on whether you start the up move from the top of the cup or bottom of the handle (not sure about that).
....but if you zoom out, it looks like this cup is the head of a potential inverse head & shoulders and the handle might be the 2nd shoulder.
This pattern has played out with ALGO before. There was a big inverse head & shoulders bottom (light green) in 2020 and a big head & shoulders top in late 2021 (magenta). These patterns look a little cleaner in the 1W or 1M charts.
Happy trading :)
"NOT FINANCIAL ADVICE"
The ALGO 1D chart is showing a cup & handle pattern. I put the target between .42-.64 depending on whether you start the up move from the top of the cup or bottom of the handle (not sure about that).
....but if you zoom out, it looks like this cup is the head of a potential inverse head & shoulders and the handle might be the 2nd shoulder.
This pattern has played out with ALGO before. There was a big inverse head & shoulders bottom (light green) in 2020 and a big head & shoulders top in late 2021 (magenta). These patterns look a little cleaner in the 1W or 1M charts.
Happy trading :)
"NOT FINANCIAL ADVICE"
Comment:
To be clear, we need to wait for the 2nd shoulder / handle to form and that might take a couple weeks or even until the end of February before it breaks.