This stock has been bullish for quite some time now, but it appears to have hit resistance at the 172 level indicated, looking for some retracement as the second shoulder has printed, confirming a short bias.
It appears price has exhausted itself here, but I would put it past them to go back and try and entice the bulls forming a head and shoulders pattern, here we will look to short with appropriate take profits marked on the chart.
Here we are anticipating a bump and run formation, taking the short at the 'lead in' phase of the pattern, as you will notice price has just breached the perimeter of the circle confirming downward price.
Here we have a 'Bump & Run' formation presenting itself, will look for a break of the trendline for timing purposes before going short, and will look to secure profits at the base as per the blue arrow.
This analysis is very dependent on how price reacts to the green gann line, if punches off it then I believe price will reach new highs, one reason is that price action leading up to this point I feel was trying to induce the shorts as the 'herd' at this point is very bearish for US indices. In our longer term analysis of the index price is interweaving between a...
Here we see Copper in the 'Bump' phase of a 'Bump & Run' formation, and we will be anticipating the 'Run' phase. We will use the red trendline as our trailing stop, and the break of the 1x1 green line as the confirmation of a short position.
Firstly, a large M formation is presenting on the end of long term 'Bump & Run' pattern. We have duplicated the AB trendline and placed it at the peak of the triangle within the gann emblem, it's purpose is to hold price and we look to short the stock below this level with stops obviously above it.