Falling wedge forming - potential break up imminent
(1) Price slowly decreasing along with volume, suggesting lack of downwards momentum
(2) MACD on daily looking great - three gradually smaller humps
(3) Almost textbook falling wedge pattern
Feeling rather confident about this one, RW is good assuming you place a stop around 3200.
Targets:
It's hard to place a target. I would guess that first target would be the high made before, and then the dotted MA, which the price has returned to on several occasions. Stop just below the low (~3200)
I do not believe this is the bottom to end all bottoms. We need to visit the target first to see how the market reacts. If there is a strong rejection, we might see new lows, as it would suggest we simply completed an A-B-C pattern. If the market turns bullish - then we may have just seen the buy opportunity of a lifetime.
(2) MACD on daily looking great - three gradually smaller humps
(3) Almost textbook falling wedge pattern
Feeling rather confident about this one, RW is good assuming you place a stop around 3200.
Targets:
It's hard to place a target. I would guess that first target would be the high made before, and then the dotted MA, which the price has returned to on several occasions. Stop just below the low (~3200)
I do not believe this is the bottom to end all bottoms. We need to visit the target first to see how the market reacts. If there is a strong rejection, we might see new lows, as it would suggest we simply completed an A-B-C pattern. If the market turns bullish - then we may have just seen the buy opportunity of a lifetime.
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