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Two paths I see here:
If we break out above the blue dotted line of the diamond top pattern, we should continue to the target of this local bull flag currently forming, and get us closer to the ultimate target of the grand IH&S we've been watching.
If we break down from the diamond top, look for target box below.
Complicating any downside potential is the presence of the black mean line I've had on my chart for most of the year now. We tore through it with limited consolidation on the way up, but it may prove to be support on the way down. As my original idea on this line states: Keep A Keen Eye On The Black Line.
Alts are looking very bearish, perhaps we can reverse this to the upside after a touch to the black line.
Measure twice, cut once.
May all of life's treasures be yours.
Two paths I see here:
If we break out above the blue dotted line of the diamond top pattern, we should continue to the target of this local bull flag currently forming, and get us closer to the ultimate target of the grand IH&S we've been watching.
If we break down from the diamond top, look for target box below.
Complicating any downside potential is the presence of the black mean line I've had on my chart for most of the year now. We tore through it with limited consolidation on the way up, but it may prove to be support on the way down. As my original idea on this line states: Keep A Keen Eye On The Black Line.
Alts are looking very bearish, perhaps we can reverse this to the upside after a touch to the black line.
Measure twice, cut once.
May all of life's treasures be yours.
Comment:
UPDATE: We just pierced the Grand IH&S target box, which is at 78.6% of complete pattern target. We can retrace now after this rejection. I'm short from 7585.