COST, Bearish Quasimodo pattern is beautifully forming !
COST is showing nicely a very popular price action Quasimodo pattern.
Quasimodo pattern is also called Over-Under pattern. It is simply formed by series of Highs and lows as shown on the chart.
Sell zone (568-571 USD) was shown on the chart for COST. In addition to strong static resistance of pattern we also have 0.786 Retracement level of the last major decline in this zone. Moreover, Pull back to broken up trend line might be completed at mentioned Sell zone.
It is also worth to note, All indicators will be extremely overbought if COST can reach to shown sell zone.
As Quasimodo pattern has been proved to be of high probability success, we certainly keep COST in our short watch list but do not jump into trade blindly. As always we need a reversal trigger at sell zone to open our position. Take profit targets are also shown on the chart by green lines.
The reference of the inserted picture was shown on the chart . You can find many other pics and examples simply by googling " Quasimodo pattern ".
Good luck everybody.
Quasimodo pattern is also called Over-Under pattern. It is simply formed by series of Highs and lows as shown on the chart.
Sell zone (568-571 USD) was shown on the chart for COST. In addition to strong static resistance of pattern we also have 0.786 Retracement level of the last major decline in this zone. Moreover, Pull back to broken up trend line might be completed at mentioned Sell zone.
It is also worth to note, All indicators will be extremely overbought if COST can reach to shown sell zone.
As Quasimodo pattern has been proved to be of high probability success, we certainly keep COST in our short watch list but do not jump into trade blindly. As always we need a reversal trigger at sell zone to open our position. Take profit targets are also shown on the chart by green lines.
The reference of the inserted picture was shown on the chart . You can find many other pics and examples simply by googling " Quasimodo pattern ".
Good luck everybody.
Comment:
First Target reached.
