I am expecting a movement similar to what I have drawn with the arrows. I am expecting price to fall to the support indicated at the bottom and then shoot upwards. If this happens, We will create an Inverse Head & Shoulders (Pink Lines) which confirms a bullish reversal. When this happens, we will forsure break out of the Downward Channel (Yellow Lines) which further pushes a bullish bias.
The main indicator that we may be reversing is that the price is at the bottom of an ascending triangle which can be found on the Weekly timeframe. The link to that idea will be linked below.
I am expecting an entry at $26.16 right above support.
Stop loss is below the previous low at $21.30
Take profit is set at $28.03 but this trade can be held till the top of the ascending channel at $43.72 which gives a 11:1 Profit to Loss Ratio.
If you have any question feel free to ask.
The main indicator that we may be reversing is that the price is at the bottom of an ascending triangle which can be found on the Weekly timeframe. The link to that idea will be linked below.
I am expecting an entry at $26.16 right above support.
Stop loss is below the previous low at $21.30
Take profit is set at $28.03 but this trade can be held till the top of the ascending channel at $43.72 which gives a 11:1 Profit to Loss Ratio.
If you have any question feel free to ask.
Comment:
Although the price is deviating a little bit, the Inverse Head & Shoulders can still happen.
