The D3 chart shows a possible IHS forming for those who subscribe to the idea of an IHS bullish continuation pattern. The shorter term target, as we can see, targets the neckline. A successful completion of the pattern suggests a target of the R3 pivot at least, based on the height of the IHS.
The monthly chart shows that a possible symmetrical triangle is printing. A bullish push through that triangle's resistance should create a target of around $5200/$5300, based on the height of the triangle, taking price right into the orange supply and the monthly 21 EMA. A breakdown of the triangle would have price targeting the bottom of the large corrective descending wedge at around $2400.
The monthly chart shows that a possible symmetrical triangle is printing. A bullish push through that triangle's resistance should create a target of around $5200/$5300, based on the height of the triangle, taking price right into the orange supply and the monthly 21 EMA. A breakdown of the triangle would have price targeting the bottom of the large corrective descending wedge at around $2400.
