In my previous analysis i showed a possible flag pattern
could be formed against the resistance of the double bottom
neckline. So far that is exactly what happend. On the right we can see the shape of a triangle. All triangles can breakout both ways, but since this one is an ascending which is being formed against a resistance zone
, it is more likely to see it break upwards. If that happens, we should see an acceleration towards 5.6/5.7, otherwise there will be a chance for a false breakout.
If the triangle breaks down, we could see a test of the 5.4 or even to 5.34 if the first one breaks. So far the double bottom
pattern is playing out as it should. The start was a bit slow, but we got a small acceleration the past 2 weeks. So the pattern looks legit so far. Target of the pattern is at the yellow circle.