First off, fundamentally, there appears to be many positive changes in management and strategy after a major rebuilding year. ER is expected to be released by Oct 30 with improved financials. An attempted breakout has already begun this week.
Next, the patterns...
There are two potential patterns in play,
1. Dragon Pattern - This is a 9-month pattern in the making since Jan 23, 2020. There is a clear spine and 2 legs (marked in yellow). Initial targets are the .382 and .618 fib retracements (based on Jan 23 high). Third target is the 100% retrace.
2. Potential - Note the second target of the Dragon pattern at the 0.618 is confluent with the neckline of the potential DB . A run up to this point and breaking of neckline could confirm a major 9-month pattern which could fuel the next leg of the rebound. Since it's a 9-month pattern, the MM could take time. Note that the MM of the DB has some confluence with a gap fill around $0.85 CAD. This could come in 2021 if fundamentals show marked improvement as anticipated.
What I like most about this setup is the confluence between the pattern targets, historic resistances, and fib retracement levels.
Short term, we could see some continued resistance at the 100 and 200 day MA's, which are floating around the Dragon Spine. Many are expecting a run up prior to financials next week.
** This is not financial advice. I am not a professional. This is purely speculative and a means to share ideas and encourage conversation. **