This chart may look a little noisy, but i assure you everything is of relevance.
I'm really liking this setup. We have a potential double bottom formed (Highlighted black circle)... This has formed right on the targets of the previous rising wedge (1618 ext targets)
The double bottom has divergence across both of the legs, and the neckline (123.4) has been broken.
If early week price action can keep its head above this level, I will be looking to carry this pair long.. I still have longs since May, so this could provide the scale in I am after. The targets for the double bottom (if confirmed) are 124 & 124.4.
The fact that the MACD shows divergence in LTF's is good. The volume increasing on the break of the neckline makes this setup even stronger.
I'm really liking this setup. We have a potential double bottom formed (Highlighted black circle)... This has formed right on the targets of the previous rising wedge (1618 ext targets)
The double bottom has divergence across both of the legs, and the neckline (123.4) has been broken.
If early week price action can keep its head above this level, I will be looking to carry this pair long.. I still have longs since May, so this could provide the scale in I am after. The targets for the double bottom (if confirmed) are 124 & 124.4.
The fact that the MACD shows divergence in LTF's is good. The volume increasing on the break of the neckline makes this setup even stronger.
Trade closed: target reached