13 count on TD Sequential indicates trend exhaustion combined with the break of a parabolic advance. Typically an 80% retrace can be expected - targets would be $0.205 range. Key levels are upper trendline of downwards channel in red and the volume node at $0.17.
Comment:
Price broke out of the descending triangle to the upside with solid volume. Came down and retested the point of control / volume node successfully.
Trade closed: target reached:
Ended up having a fake-out from the descending triangle followed by a breakdown below the triangle. When I've seen this in the past it tends to indicate liquidity being generated from stop sweeps when whales have hit their accumulation targets and want to send it to the next macro level.
Original target of $0.17 was hit, as well as a break of the next volume node at $0.21. Overall the chart looks bullish now, and I can easily see a jab at $0.27 in the next few days.
Original target of $0.17 was hit, as well as a break of the next volume node at $0.21. Overall the chart looks bullish now, and I can easily see a jab at $0.27 in the next few days.
Rough targets on confirmed breaks either side:
- Break up - retest of 16.2 cents
- Break down - retest of red channel upper trendline circa 7 cents