Looks like a cup and handle might be forming on the 60min chart of JNUG. Notice the top of the cup being 7.00. The bottom of the cup formed at 4.00. I expect that the handle will bottom out soon at 5.50 (1/2 the depth of the cup) before heading upwards to a possible breakout around 7.
I'd look for an entry at 5.50 if XAUUSD shows some strength.
Long, but not so much.
Combining the cup and handle pattern with Elliot's impure waves, this could be a possible target by forming Elliot's third wave in those values.
At today's exchange rate:
1 CNY = 0.143971 USD
Price target
CNY 9.553,44.-
USD 1.375,35.-
Thanks for your time, follow and likes!
Has anyone seen the pattern that is forming?
I know that many traders do not take shadows into account, so I did the same thing. If the "AT works" and if I made no mistake in drawing the pattern, at the level of uSd 854.59 it would be breakout and uncertainty for see what happens.
This is simple Cup & Handle pattern setup.
We are in a Handle already.
Breakup of the Lip would validate longs above $17.24.
Target = Lip (17.24) + Depth of the CUP (1.086) = 18.318
Right at that area there is a double resistance - 09NOV low + Falling trendline
Some traders enter long on the break of the Handle, which is the first resistance.
Anyway one should...
After forming a cup and handle pattern (is to possible that STEEM make a retracement) because is going inside a overbought area + broken Rsi , to follow this uptrend.
If TA works the target is the same like the deep of the cup (HUGE)
Happy trading
Long term I think EURUSD should go down. However I just spotted this cup and handle pattern which I think is a nice short term trade. Let me know your thoughts
See chart for annotation.
Looking for a pullback to ~50% fib with RSI 'reset' to 50.
Expect volume confirmation on handle breakout of horizontal resistance.
Target ~$1000USD
Looking at BP back to November of 2015 to now....looks like a cup and handle pattern is really starting to take form here. Anyone else seeing this or think otherwise?
