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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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.
Related publications
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.