Let's play a game. Count the ascending triangles. Do you see them? There are 3. The first two are history. We obviously broke out. We are working on the the third and final. If we break above and close higher than this last triangle, we'll go to $4800.
The second ramification of this potential breakout would be the formation of a new BULL channel. I've outlined it in BLUE. This is obviously a steeper and much faster paced upward slope.
Confirmation of this final target before consolidation is a close above the third ascending triangle. Watch closely. I will put nothing past these BULLS.
...But then consolidation. Caution is advised. It's coming.
Happy trading all!
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Looks like we will continue a steady ascent to $4800 BUT underneath our third ascending triangle instead of popping above it. The bulls are almost out of steam:
So breaking 4300 - 4400 zone would be a signal for upwards movement ? thanks !
stewdamus
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@Mateuszp.Rydzik, Yes. Definitely. We'll go to $4800+!
stewdamus
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@Mateuszp.Rydzik, One correction - we must not only break but also close above the top line of our 3rd triangle. So a break and close above would indicate we go to $4800.