We have a very clear triangle pattern, note that we are moving up on the last wave of the pattern. Please note that this pattern suggest that all waves are formed by tree waves, so please note that there should be a correction before going up. Also note that this is a bearish pattern, which means that once pattern finishes we should see the price fall.
Nice hammer, although I I see that correction is too steep yet compared to its impulsive wave from 78.14 to 87.10. I would like to see correction go a little side ways, up and down movements before going in. Maybe we're just seeing the end of a A wave. Note that a red hammer is not as bulling than a green one.
Looks like a triangle formation, if so, the pattern suggest that downward movement should continue after termination of pattern. Using the amplitude of first impulsive wave (184 to 177), Fibonacci tool suggest price should go down to 166.89.
Todays candle went over a strong resistance zone, look back and notice who many times price tested this zone, now it just needs to close over to stay confident. Also Bollinger Bands are still expanding, also good indication to stay long. I still stay with target "at least" around 108 I posted on
Ascending wedge, suggests near end of trend. Before the pull-down price can shoot up above the trend but shall go down. Once the price is clearly bellow the lower trend, theory suggest that price should go down the same magnitude of the beginning of formation.
Volume spiked Excessively Last Friday, only that could have caused market to break the previous strong trend line stated on Now we have a Symmetrical broadening wedge formation. The outcome of this pattern is random, but we can’t lose site that it suggests high volatility due to high presence of bulls and beers trying to...
An ideal hangman candle has a very small to nothing upper shadow and a long lower shadow two to three times longer than the body. Although note that a green candle is not as bearish as a red candle for this pattern but we can still suggest resistance line is strong.
Giving credit to yesterdays Elliott Wave International email news letter. This market is testing 2000, 2007 trend line peaks. Also note two uptrend legs, both of them have the same amount of days, if looked with the daily chart, both legs are exactly 787 days.