If the pattern plays out as before we are looking at looks to near $1
Pattern: Descending wedge with 2nd upper line tap @ the 0.702 Fib level (green). Measured move from there established the next lower target.
Pattern: Descending wedge with 2nd upper line tap @ the 0.702 Fib level (green). Measured move from there established the next lower target.
Trade closed: target reached:
target reached position closed
Comment:
update on looks and the current state of the chart, I am still waiting for long entries after the prior short. Setup not looking good and right on the edge of a high probability pattern playing out. My strat is to see if the H&S breaks or is invalidated, then re-evaluate. Doing nothing for now
Trade active:
H&S pattern did not play out and I retook a long position on the backtest of $1. Interesting to see that almost all of the retracement fib levels align with key areas in the downward move. My current thesis is that looks will get back to the 786, and if that breaks, then ATH to the 1.618. Until then I will watch each highlighted red retracement level for strong rejections