. . .has been validated. Now jsut waiting for price action to head to the full double bottom breakout target. In the current price zone, a mild correction before reaching the full target wouldn’t surprise me. In doing so it would help it create an inverse head and shoulders for its follow up bull pattern. Also a chance it just skips the correction and heads straight to the full target first. Either way I expect the target to be hit. *not financial advice*
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You can see the perfect wick retestof the enckline of the double bottom here on the current weekly candle.
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Even if it hits the full double bottom breakout target first then corrects it could still form an inverse head and shoulders after doing so…it would simply be one with a slightly more ascending neckline.
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One last thing of note the descending tan trendline is actually the neckline of a downward slanted inv h&s. The target of that pattern has only just recently been hit and it originally broke up from that pttern in March of 2023. Because we were still in a bit of a sideways market at the time is most likely by it took so long to reach it’s full breakout target but it still found a way to anyways.
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Target hit!
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After hitting the target celo had a sold retrace and is now attempting to secure the top trendline of the channel as its new base support going forward.