Borr Drilling - Final Leg Up of Three Drives Pattern (5:1 Long)
The price action of Borr Drilling retested the bottom of its Accumulation range about a year ago, and now a bullish Three Drives pattern appears to be forming, one which is almost ready to extend its final upward leg. As always, I strive to render these ideas of mine so obviously that their explanation will require no words, and this forecast is no exception.
Note that I expect price to fall into the entry point, which has not happened yet (more on that below).
My trading tactics - including the beauty of Tradingview and how it makes me look good - are based on identifying the opportunities within VOLUME, VOLATILITY and TREND EXHAUSTION.
Along the upper region of the pattern is a Distribution range derived from the Fibonacci channels that define the space, across which are arranged a variety of profit targets. Meanwhile, below is suggested a line of "Late Entries" and a "Moving Stop Loss" based on the Euler ratio of the Andrews Pitchfork.
Furthermore, the time limit is imposed by a the same ratio in a Modified Schiff Pitchfork, into which the descending leg of the pattern may be expected to fall.
Obviously, if the price action plays out as forecasted, there will be an opportunity to short at or near the top and aim at any of the downside targets given. That is already well into next year, and a lot will happen before next Summer.
Until then, be liquid !!!
Note that I expect price to fall into the entry point, which has not happened yet (more on that below).
My trading tactics - including the beauty of Tradingview and how it makes me look good - are based on identifying the opportunities within VOLUME, VOLATILITY and TREND EXHAUSTION.
Along the upper region of the pattern is a Distribution range derived from the Fibonacci channels that define the space, across which are arranged a variety of profit targets. Meanwhile, below is suggested a line of "Late Entries" and a "Moving Stop Loss" based on the Euler ratio of the Andrews Pitchfork.
Furthermore, the time limit is imposed by a the same ratio in a Modified Schiff Pitchfork, into which the descending leg of the pattern may be expected to fall.
Obviously, if the price action plays out as forecasted, there will be an opportunity to short at or near the top and aim at any of the downside targets given. That is already well into next year, and a lot will happen before next Summer.
Until then, be liquid !!!
Adrian Dyer,
Chief Strategist and Impresario at The Leading Indicator
Chief Strategist and Impresario at The Leading Indicator