This just looks really nice to me. That being said I don't know which way it will break or if it will be false and reverse or whatever. But it just looks really nice. I'm waiting for a decisive price and RSI break out of the TRIANGLE on a 1 hour closing basis. I won't even bother calculating trade size until this happens....but it will happen
I think this is posied to gap up tomorrow Wednesday the 31st of January however any sort of strong move impulse bar breaking the short term downtrend line a screaming buy signal. With the information I have at this time, this looks like a big broadening wedge type dealy to me and we are going higher and higher amen.
This strategy has been working amazingly well for me in 2017. See $CMSCA and $AA recent blow ups. RSI divergence indicates that the sell side momentum is waning quickly and buyers are swooping back in. Doesn't mean buyers will take control of the price but "I'm saying there's a chance" and the R/R is good.
$BABA has paid well in 2017, blew away my own technical targets. Am wondering if we are gonna finally see some weakness here. Since this is such a strong stock I will only short this stock on the condition that it gaps's down out of this triangle sitting on support. If that doesn't happen I will wait for a good time to buy the dip.