$THETA Right angled Broadening Formation
Theta is a nice example of this pattern still developing. This is a critical level. Typically once this level breaks you either get consolidation for the checkback, or straight to the top of the range, and the .382. This also happens to be a gap zone in the chart.
After that i would be watching for a move to the 1618 zone at the 50% retracement. If you look left that yellow dot represents a zone that traders made have set up shorts, and the long wick is an imbalance that will likely be resolved.
The third zone this pattern typically retraces to, is the .618, which ends up being the measured move of the broadening wedge, and the typical target for this type of pattern if you were looking at it as a lower low dragon.
After that i would be watching for a move to the 1618 zone at the 50% retracement. If you look left that yellow dot represents a zone that traders made have set up shorts, and the long wick is an imbalance that will likely be resolved.
The third zone this pattern typically retraces to, is the .618, which ends up being the measured move of the broadening wedge, and the typical target for this type of pattern if you were looking at it as a lower low dragon.