I am a believer in the Lithium market, this is a good ETF to follow; it has been stuck in a channel and currently hovering around a soft resistance $29(ish). If it can break the resistance up then I am watching for $30.50+
Confirmed double bottom with target at 28,30.
Then wait for some period of consolidation, six months, to form the right shoulder.
We will take gradual positions in this period. The medium price must be around 24,00.
The final goal is the 43,50 level.
When green above red in ADX and green crosses red line in TDI_LB from below, BUY, esp if below yellow moving average. Use 20 day SMA<price<10 day SMA as indicator for potential upside and confirmation. Use other indicators for further conformation.
It's a inverse head and shoulder bottom pattern that started since 2014-09-22 and it finally broke out last week on heavy volume. There might be a pullback on the breakout line, for this pattern to be valid it shouldnt go below last low (24,17).
The timeframe for this trade to hit TP is between 3-4 months.
