NEM broke out of a C&H formation targets could vary.
the .618 is the most logical place it could go to after breaking this major resistance level.
This setup could be played right now based on the c&h but you would be an aggressive trader taking it now knowing that you have the two levels right in from, the daily 200 simple moving average and the major swing fail resistance level. structural levels are bullish short term but playing this after a breakout would make more sense.
Moving averages are healthy and good for continuation and many more reasons to be bullish on NEM. Of course no one knows what's gonna happen next but taking this trade after a breakout of the swing fail would give you a double chance for hitting target as it would be a c&h and a breakout trade supported by major bullish moving averages and facing the 200 daily simple moving average alone.
the .618 is the most logical place it could go to after breaking this major resistance level.
This setup could be played right now based on the c&h but you would be an aggressive trader taking it now knowing that you have the two levels right in from, the daily 200 simple moving average and the major swing fail resistance level. structural levels are bullish short term but playing this after a breakout would make more sense.
Moving averages are healthy and good for continuation and many more reasons to be bullish on NEM. Of course no one knows what's gonna happen next but taking this trade after a breakout of the swing fail would give you a double chance for hitting target as it would be a c&h and a breakout trade supported by major bullish moving averages and facing the 200 daily simple moving average alone.
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gannbox.com
you can also contact me on Twitter :
twitter.com/Nasser_Humood
Or through TradingView's direct messages.