FallingWedge from last idea’s breakout confirmed; 1st trgt=53690
I placed the dotted yellow measured move line slightly lower in the previous idea than where we actually broke out as shown here on the current chart and have readjusted the dotted yellow measured move line to the actual point of the breakout giving us a slightly higher measured move target of 53690. We can see here we have closed a large green daily candle above the key resistance of the hyphenated grey horizontal trendline at 51333. The current daily candle is also currently retesting it as support. If we can close 3 consecutive daily candles above this grey hyphenated horizontal trendline I’m confident we can reach 100% of the wedge target. On our way up out of the wedge we also formed a smaller bull flag as well which we have also seemingly just broken up from and that has a measured move target of 56000 so I we continue to rise after reaching the wedge target 56k would be our next target. I must remind you all to that the falling wedge was also doubling as a bull pennant on the weekly chart so it’s also quite possible we could head to the pennant’s target as well eventually which would be around 58k or so (the dotted purple line is the measured move target line for the pennant). Let’s also not forget that we still have a much larger bullflag on the monthly chart that price action is now working on its 3rd consecutive monthly candle above that bullflag meaning it’s likely to confirm the breakout there as well and the measured move for that flag is around 97k. Of course the monthly flag will likely take much longer than the others to reach its target if it does hit 100% of its measured move. For now the strategy is to focus on this hyphenated grey horizontal to maintain support. Now that price action is back above the orange 50ma and blue 200ma, we should sustain this golden cross which if so, will ensure we reach the majority of these targets, if not all of them.
Comment:
Target hit! Next target is 56k
Comment:
56k target hit exactly!
Comment:
: The dotted purple line I mentioned above for the pennant breakout target I meant to say is 68k not 58. Apologies for the typo, our next target is 64k
Comment:
Just hit the purple 68 k target! The 64k target was hit back around mid October