I would go long after breakup of the formation, which is a symmetrical triangle. Fibs mark the final target for this move which is where I would take profit at $18000, marked by red line and fib extension.
Trade well and God Bless.
What seem to be confluence of bearish indicators such as the weekly hanging man, plus on the daily chart, a bearish Island Top Reversal pattern is present. Confirmation to enter the trade would be wise after price breaks below the gap at 28.71. Windows, or gaps along with fibonacci retracements levels represent good...
This last two candles coupled form a bearish Harami Star. The last candle could be considered a Doji star although the real body is not flat. That and the upward sloping trend line that proved to be resistance may prove a good short.
Interest rates rates are still falling too.
Break up from Double Bottom,nice consolidation consider longing after 10.70. Measured move for Double bottom is $15.55 or fib extension 161.80%
measured move for double bottom is taken from the lowest price of the pattern to the top of the patter in this case $10.59. Also marked by an open window (gap). Gaps act as...
In his book, "Trend Analysis of Financial Markets", Jhon Murphy explained Dow Theory in his first chapter. One of the topics he mentioned is "Averages Must confirm Each Other". Meaning that "no important Bull or Bear Market signal could take place unless both averages gave the same signal".
Now, Dow Transport...