wimpy play here, but pointing out the obvious compression after the exponential run up.
We tagged the long term trendline and are bouncing in a corrective ABC structure.
2 potential target zones identified depending on the size of this bounce.
Using other SPACs, Us major indices, and DXY as a proxy for this play, I actually favor the higher targets near $19.
Ultimately I think this compression breaks down, either using the top of the gap or filling the gap as a bounce zone at $10 before continuing higher.
More often than not you actually break out of triangle compression, but sometimes you pierce through the bottom, as I am anticipating
We tagged the long term trendline and are bouncing in a corrective ABC structure.
2 potential target zones identified depending on the size of this bounce.
Using other SPACs, Us major indices, and DXY as a proxy for this play, I actually favor the higher targets near $19.
Ultimately I think this compression breaks down, either using the top of the gap or filling the gap as a bounce zone at $10 before continuing higher.
More often than not you actually break out of triangle compression, but sometimes you pierce through the bottom, as I am anticipating
Comment:
Closing TLRY for a 30% gain on this trade. Might have another small leg up, but this was again a well-defined trade and we have captured the majority of the gains based on the evidence available for this play.
