Short term long with good Risk reward + formations probabilities
Updated
6500 is being tested for the second time. While it is really early for a reversal, a short term pop to 7500 could be an interesting risk to reward with a stop loss at 6500.
If the second or third test falls just under 6500, then expect a dump and pay attention to where it bottoms out to clearly see what kind formation is coming.
Possible formations and probabilities:
Ascending triangle (35%) (1 week to finish)
Rising wedge (10%) (2-4 weeks to finish)
Price channel (45%) (1 week to confirm, 4-6 weeks to finish)
Descending wedge (5%) (2 weeks to confirm, 4/6 weeks to fin)
Inv head n shoulder (5%) (2-3 weeks to confirm)
If the second or third test falls just under 6500, then expect a dump and pay attention to where it bottoms out to clearly see what kind formation is coming.
Possible formations and probabilities:
Ascending triangle (35%) (1 week to finish)
Rising wedge (10%) (2-4 weeks to finish)
Price channel (45%) (1 week to confirm, 4-6 weeks to finish)
Descending wedge (5%) (2 weeks to confirm, 4/6 weeks to fin)
Inv head n shoulder (5%) (2-3 weeks to confirm)
Note
Looks like we are getting a rising wedge, looks like its about to break.Note
BOOMLets see if we extend another leg to break into 5K
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