Fortunately, I was able to get out before the throwback after noticing the beginning formation of the Big W or Adam and Eve Double Bottom. Expect the price to slip for another day or two as it consolidates to form the bullish pattern.
The Big W pattern starts off with a pretty distinct cypher, although it's not a named pattern per se, or at least that I'm aware of. On a fundamental analysis level, I'm expecting a significant amount of upside due to the celiac allergy medication in the works. This will particularly hold true if the double bottom formation forms as expected The Big W has some very distinct features and when you zoom out add up to form a cup and handle pattern. For an example, Bitcoin is completing that formation now and will be jumping up in price in the next few days. Although I believe that the Big W for Bitcoin has a significant risk of failure before reaching its target (such failure would drive prices down to the 3-4k level), INNT should follow through provided there are no hiccups bringing what is sure to be a blockbuster drug to market, as such the 110% upside target still holds.
The Big W pattern starts off with a pretty distinct cypher, although it's not a named pattern per se, or at least that I'm aware of. On a fundamental analysis level, I'm expecting a significant amount of upside due to the celiac allergy medication in the works. This will particularly hold true if the double bottom formation forms as expected The Big W has some very distinct features and when you zoom out add up to form a cup and handle pattern. For an example, Bitcoin is completing that formation now and will be jumping up in price in the next few days. Although I believe that the Big W for Bitcoin has a significant risk of failure before reaching its target (such failure would drive prices down to the 3-4k level), INNT should follow through provided there are no hiccups bringing what is sure to be a blockbuster drug to market, as such the 110% upside target still holds.
Comment:
The Big W is unfolding as I predicted. Price will hit bottom today, if it hasn't already. After that it will fluctuate for a few days in mostly sideways action. Volume will most likely subside. The triangle pattern that is created will break to the upside with a sizable jump. But that's only the pre-show. Prices may stall out once they hit $31 range for a day or two (see the second to the last triangle). That $31 point is going to be the entry point, not 42.44 as pictured. You can see that the whole structure is more truncated than I had initially imagined. With the middle peak (our entry/breakout point) coming in at the $31 mark. The first target after breakout will be the top of the left side slope or $45.50. But targets should be moved up as we progress if the conditions call for it. For swing traders, the entry point would be now, and to ride the price up to the entry point. Should the price move below $23, exit the position immediately as the pattern has failed.
Comment:
As you can see from the chart the price has stopped around the point I originally anticipated the Eve bottom to form. Were this to turn out to be an Eve bottom, the price will quickly rebound to form a middle peak, coming up anywhere between the end of the circled areas to the red line. That is what the triangle between the circles is supposed to represent. If that peak forms than quickly returns back down to form the Adam bottom, then you can expect the chart to play out as shown and disregard my previous comment. Meaning that the formation is not truncated after all and is unfolding as I had originally imagined it would.
Comment:
Were the chart to take form as originally imaged, the entry point is the top of the middle peak. The price often stalls out there, and may do so for a few days. Should it break upwards, the target is the highest peak on the lefthand side. As you can see, were that target to be reached, there would be a bit of a drop for the handle of a potential cup and handle formation. I'd keep a close eye on this one. This had the potential to do 100%+ just with this formation alone when all is said and done.
Comment:
Formation FAILED. ABORT! HS has completed. Nose-dive imminent.