Breakout from falling wedge confirmed! Target 9.5-9.6k and UP!
As I said in the last idea as long as we could flip the buy/sell line from resistance to support on the 50ma we would confirm our breakout from the falling wedge, and this is exactly what has just happened. There are a few potential price targets we could reach from this breakout with the safest guesstimate being around the 9.5-9.6k range. What's more by reachung that price range we will also beak the slanted neckline of both the adam and eve double bottom and the eve's cup and handle pattern which if that were to occur then are next destination is 15k! I accidentally called the falling wedge a rising wedge in the last idea and it is too late to edit that but I'm sure most of you could infer that I was talking about the falling wedge consider the few ideas before it I was referring to it properly. Brainfarts like that can occur because even though I know the wedge itself is falling I'm focused on the fact that the priceaction will be rising out of it and sometimes accidentally say rising when I mean falling. Anyways breaking up from this wedge is Huge because it can allow us to break the neckline of the double bottom and shoot to 15k possibly as soon as June. My new mantra is "To the Moon In June!" There is a slight chance that because that neckline is so pivotal that we may see a slight bit of resistance again once we connect with it and we may see a slight bounce downward from there but I believe at most it will only form a new higher low and then bust through it the 2nd or 3 rd time it tests the neckline. For this reason it may be wise to maybe set a limit sell around $9477 with a stop buy set up a pip or 2 above the slanted neckline of the double bottom/c&h combo. If we break above it and then make are way to 15k....it likely won't stop there folks. Let's remember that we broke up from a much larger falling wedge on the weekly chart all the way back at the beginning of April that had a projected upward target of around 18.8k I highly anticipate we not only reach that by this quarter or next...but that we will climb even slightly higher than that and may see aroun 25k or so before the next big downtrend occurs. Of course, along the way we will experience some sideways consolidations and retracements that create higher lows but I don't foresee any major downtrends again until late July at the earliest and more likely not until september. Of course this is just my impression I could be wrong so make your own decisions and dont consider me a financial advisor or this financial advice.
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