GLDD - 1 year long RECTANGLE
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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
The pattern is taking place at the top of an uptrend, at the all-time high and prices have already breached the 200 days EMA. Considering the sharp decline we got from the beginning of the month, a nice thing to highlight here is that the decline-pause is taking the form of a Pennant exactly at the Rectangle lower boundary (so also testing it). So, IF (a big If) prices complete the Pennant, they will likely reach the breakout area too. This would give more reliability to the pattern breakout itself. The Pennant target (black line projection) is quite close to the initial Rectangle price target which is something we are always happy to see. Finally, If that was a real Pennant, we could see another sharp price decline. If prices go towards the target, keep in mind that we will have to deal with the 12.00 previous level.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
The pattern is taking place at the top of an uptrend, at the all-time high and prices have already breached the 200 days EMA. Considering the sharp decline we got from the beginning of the month, a nice thing to highlight here is that the decline-pause is taking the form of a Pennant exactly at the Rectangle lower boundary (so also testing it). So, IF (a big If) prices complete the Pennant, they will likely reach the breakout area too. This would give more reliability to the pattern breakout itself. The Pennant target (black line projection) is quite close to the initial Rectangle price target which is something we are always happy to see. Finally, If that was a real Pennant, we could see another sharp price decline. If prices go towards the target, keep in mind that we will have to deal with the 12.00 previous level.
- Pattern Class: 🌕🌕🌕🌕 🌑
- Target area: 11.20
- Breakout area below: 13.00
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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