I understand that this is a relatively rare pattern that follows a big shoot upwards (long) up to the ratio of half of the cup width, or so says the theory, which means it could go up to R15 to the dollar and upward, later in this year. After a short-term weakening based on the handle parameters. The theory states that the longer the cup pattern takes to form the longer the upward rally will be after it brakes the resistance of the handle. That being said, since this is on the 1W, the trend seems strong, and thus the upward rally could be even greater!
Any ideas or comments ? Thanks
Handle just broke the upside on the weekly chart.
Expect upward movements.
Watch for resistance at upper cup around 13.70
Expect a pullback/correction.
This could still easily go to 15 or 15.50 in my opinion, lets see what happens. It reached a high of 15.70 or .80 for a couple of seconds within two single 1-minute bars at about 03:30 GMT.
I have been holding long since 13.30
I closed half of my long position at 14.70 this morning (even though it hit as high as 15.70, which I missed because I was sleeping off the weekend :? )
SL still not hit..