IFF Extended W-pattern ADAM & EVE
On the daily chart, I'm drawing a resistance line from the All Time High #ath. Currently, the price is below the Moving Averages. At the bottom of the chart, there is an extended W-pattern with a characteristic Adam & Eve formation. In this pattern, Adam is represented as a V-shape, followed by a rounded shape representing Eve.
If the price breaks out above the resistance line, ideally with a re-test at $97, the next price target could be around $110. This level also aligns with the golden pocket of the Fibonacci and is within the order block. It's important to note that the Fibonacci in this context is drawn in the downtrend, from high to low.
On the RSI, a bullish divergence is visible, and the MACD shows that a bullish cross on the signal line has already occurred. Now, it's important to closely monitor the midline for a possible bullish crossing.
However, it's crucial to consider the possibility of a rejection at the neckline of the W-formation or the potential continuation of the downtrend after reaching the price target to complete the bigger picture.
Keep calm, do your own research dyor! Trade safe and manage your risk-management.
(Disclaimer: This is not financial advice)
If the price breaks out above the resistance line, ideally with a re-test at $97, the next price target could be around $110. This level also aligns with the golden pocket of the Fibonacci and is within the order block. It's important to note that the Fibonacci in this context is drawn in the downtrend, from high to low.
On the RSI, a bullish divergence is visible, and the MACD shows that a bullish cross on the signal line has already occurred. Now, it's important to closely monitor the midline for a possible bullish crossing.
However, it's crucial to consider the possibility of a rejection at the neckline of the W-formation or the potential continuation of the downtrend after reaching the price target to complete the bigger picture.
Keep calm, do your own research dyor! Trade safe and manage your risk-management.
(Disclaimer: This is not financial advice)
Comment:
see monthly chart on my profile
Tims.Technische.Analyse by TIMTIBBO
