Bullish breakout of fallingwedge/bearflag combo Bulls run loose!
There was no more room left to go sideways as the price action got pinned up against the Eve trendline(in pink) and since the falling wedge(bull pattern) broke out first before the bearflag(bear pattern) had a chance to breakdownward it caused both to break bullishly upward....the upward projected breakout target for the wedge is $9238 while the upward projected breakout target of the bear flag is 9847. I'm confident we will at least climb to $9238 in the net few candles, but there's a chance that the breakout of the wedge completely invalidated the bear flag pattern which would mean it wouldn't guarantee that patterns bullish price projection...at the same time they both could be triggered...either way we will find out soon enough. If both were triggered that would provide double the bullish momentum so we should reach the higher target sooner rather than later if ithey were both indeed validated on this breakout. We are only further validating the legitimacy of the Adam and Eve double bottom as each day passes. I anticipate we will still reach its neckline around the 29th of April as everything still looks well on target. Thanks for reading and be excellent to eachother.
Comment:
After a very bullish breakout in which we surpassed the 1day charts 100MA, the candle has reached its projected target from the falling wedge breakout so it could potentially dip from here unless the bullish breakout from the bear flag is also valid in which case it will keep climbing to it's projected target of $9847. I think as long as the 50% extension fib holds support at $9221 then we will likely keep heading up to the bearflag breakouts projected target which conveniently enough stops right about at the same location as the 200 1day MA which is where I presume our first real resistance will be hiding. here is the view on the 1 day chart: s3.amazonaws.com/tra...shots/p/pfT7dATC.png
Comment:
the 50% extension has not held support so we may be dipping back to test the 100 1 day MA
Comment:
nevermind it hopped right back above the 50% extension...should it dip down below it and the flip it to resistance though we need to anticipate a potential dip back to the 100MA for now though it is still support.