V - shape recovery style was (and still is in my opinion) in play. I see - after some consolidation has taken place - the shape of an inverse SHS . Target could easily get over 41.000. Theoretical target is 42.000. Trade is invalidated when we surpass decisively the low of the left shoulder (around 37.200). It's a possibility market is looking for near perfect symmetry and hence stretching it.
For confirmation you could wait for a break of the neckline, but as you can see it's a neckline zone. Where are you 'confirmed'? It's easier said than done. I more often than not anticipate and wait not for that break to occur first. That's personal approach.
DYODD and safe and happy trading!
What a nasty setup. Rough. If this resolves bullish it's the perfect TA of course.
I rather don't see the price trading below the under purple line. That would invalidate the setup and probably trigger a flush down. Auto stops there. Those broadening patterns tend to let price accelerate after a breakout.
Flushed in a broadening descending wedge.
The wedge has come to maturity though and we (at least I ) need to follow up if it can be cleared to the upside. It gives quite good entry points afterwards (on the contrary to a neckline zone imo). It's a difficult session/weekend alltogether here.
Rsi divergence ST low in play imho, target ma50 15 frame