A couple of weeks ago I posted a chart showing the bullish ascending triangle
was putting in. Finally, it would appear that BTG
is moving its way toward breaking the consolidation pattern. This move looks very strong. While it has not confirmed a breakout, there is plenty of upside momentum. One thing that I want to point out is the small drop below support just prior to the impulse move. While this one coincides with the FUD out of Korea, these kinds of shakeouts are very common to see (identified in the circle). If you have been laddering in buys near the support levels, these drops can be difficult to watch, but in most cases they precede an impulse (when the overall pattern is bullish
). As mentioned in my previous charts, a target range of around $650 is likely for this impulse run (the entire run, not just wave 1!). I expect there will be a pause around the resistance line and I will be sure to provide an update if/when we confirm breakout.