Answer: if it's not, it's doing a good job of pretending like it wants to. A re-test of the bottom (>= 550) would be healthy at this point and finding solid support there would only motivate the bulls so we can get the "moon party" started... not to be confused with the "moon-moon" party.
This triangle target may seem to be a stretch at first glance, but stay with me and I'll explain. About 75% of symmetrical triangles are continuation patterns and the rest mark reversals. Our target in this instance is just above the previous, well-established support line, at $550. A touch of the upper triangle resistance line around $619 would not be a surprise, but I won't be waiting for it.
I'm watching for price to move to a bounce at the bottom of the old trend channel (red line with blue-ish fill) then downward to our target zone. *Please*, if you have any input or opinion on this chart, chime in.
For a more robust explanation/support of this projection, go here: stockcharts.com...school/doku.php?id=chart_s...
This triangle target may seem to be a stretch at first glance, but stay with me and I'll explain. About 75% of symmetrical triangles are continuation patterns and the rest mark reversals. Our target in this instance is just above the previous, well-established support line, at $550. A touch of the upper triangle resistance line around $619 would not be a surprise, but I won't be waiting for it.
I'm watching for price to move to a bounce at the bottom of the old trend channel (red line with blue-ish fill) then downward to our target zone. *Please*, if you have any input or opinion on this chart, chime in.
For a more robust explanation/support of this projection, go here: stockcharts.com...school/doku.php?id=chart_s...