Go south young man
Updated
Some people claim there are no triple tops. While this doesn't strictly apply here (it is a box play after all), I'm willing to go with it all things considered. Breaking up on volume. Safe target should be 7. Based on this set-up it should just move out steadily but it could still consolidate back into the box. Tentative stop would be double daily close below 3.50, leaving at least a positive risk-reward with potential for further upside down the road if it gets into play. A squaring of the consolidation over the last couple years would suggest 10-11 is possible.
Trade active
Note
Overbought monthly, weekly. Probably goes higher LT and the stochastics may now embed on the upside, but could also go lower ST, including back into the basing pattern. A good buy would be around 4. 8-9 will be the next major range to watch. Note
Latin America continues to perform well and this looks good based on last week's bullish engulfing candle. Long's still work against any move into the lower third of last weeks range.Note
Given its failure to perform last week, have to wait for a better setup/more consolidation. Like the 5-5.35 area short term.Note
By Request: This is a nice longer-term basing pattern with a break out and then consolidation back into the box. Holding 5 is important but ultimate stop is 3.80 ish with an expected move to 8 or higher. Also, like the similar setups in ELP, SUPV, ARCO, LOMA and another.
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