*To be taken with a grain of salt*
I am new to trading and am just now getting comfortable with my analysis, so be careful, lol.
Oh, and criticism is always welcome if constructive.
While observing the larger drop and consolidation as outlined in gray I noticed a possible inverted complex head and shoulders formation. I outlined the formation before the start of the shoulder on the right. So far it is tracking nicely giving me hope of a sound analysis.
Inside the shoulder on the right is another possible inverted head and shoulders formation, outlined in orange, seeming to confirm the larger one.
Smaller H and S breakout target is around $1.18.
This will complete the larger H and S formation that will, in turn, breakout of the largest (gray) consolidation, giving a target of $1.45- $1.50...
Considering I am correct of course.
I am new to trading and am just now getting comfortable with my analysis, so be careful, lol.
Oh, and criticism is always welcome if constructive.
While observing the larger drop and consolidation as outlined in gray I noticed a possible inverted complex head and shoulders formation. I outlined the formation before the start of the shoulder on the right. So far it is tracking nicely giving me hope of a sound analysis.
Inside the shoulder on the right is another possible inverted head and shoulders formation, outlined in orange, seeming to confirm the larger one.
Smaller H and S breakout target is around $1.18.
This will complete the larger H and S formation that will, in turn, breakout of the largest (gray) consolidation, giving a target of $1.45- $1.50...
Considering I am correct of course.
Trade closed: target reached
It's doing pretty much what I had hoped. It's taking a bit longer, but is tracking nicely.After breaking out of the smaller h and s there was an upward consolidation that broke down and swung back up to where it started. It is now in the middle of another, smaller one. This is a potential cup and handle (outlined in green). If this completes it would most likely confirm the break out of the largest (gray) drop. This would send it to the neckline of the yellow outlined h and s.
I fully expect this to remain within to confines of the purple dotted support/resistance lines for now, but there are potential confirmation formations everywhere on this one. I am thoroughly enjoying this.
Note
I feel like the cup and handle formation is complete. It looks like there is a bit of correction, but that's to be expected considering it's trying to break away from a larger trend also. I fully expect it to hit around $1.16 or so after it's done.Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.