If the current triangle breaks to the downside, it could signal a B wave high, which in turn could be followed by a 5 wave decline to complete the corrective zig zag pattern. Price target if this were the case would be in the region of the previous wave IV...around $63.
It's not a definite, but certainly a possibility - since the current [triangle] pattern would almost certainly not be wave 2 of a motive wave. It could, however, exist as the final leg of a b wave correction to the upside. Best to stand aside and don't get too bullish too soon...
It's not a definite, but certainly a possibility - since the current [triangle] pattern would almost certainly not be wave 2 of a motive wave. It could, however, exist as the final leg of a b wave correction to the upside. Best to stand aside and don't get too bullish too soon...
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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.