CPG - Major break retest 75% gain
Updated
Hello Friends,
This is complementary idea to long term CPG idea (linked).
Yesterday, CPG has completed Reciprocal AB=CD pattern and produced a bullish daily candle. I believe that correction from $4.46 to $3.33 is over now and CPG is ready to rally to its next target at around $6.21. That would be a retest of once major support break. It also coincides with potential Bat pattern D point at 0.886 fib.
This move should give about 75% profit.
See details on a chart.
If you have any questions feel free to ask in comments.
Good luck!
This is complementary idea to long term CPG idea (linked).
Yesterday, CPG has completed Reciprocal AB=CD pattern and produced a bullish daily candle. I believe that correction from $4.46 to $3.33 is over now and CPG is ready to rally to its next target at around $6.21. That would be a retest of once major support break. It also coincides with potential Bat pattern D point at 0.886 fib.
This move should give about 75% profit.
See details on a chart.
If you have any questions feel free to ask in comments.
Good luck!
Trade active
Added to position.Note
Inverted AB=CD structure failed. BUT the whole idea for this rally is still alive. Just C point will be at lower Fibonacci level. Also price may be seeking for double bottom pattern. I am slowly adding to position (added today again). And will continue accumulating dips below $3. Should be fine by end of this year well above $4.46.Note
Just want to update on the process. It looks like we printed C point of our potential Bat and heading towards D point. Confirmation comes when B point is broken but positions can be made at any time, given the hammer shape of monthly candle. Note
CPG is holding nicely today. Added more to my position and will keep adding over time below $3 NYSE price.Note
Added more today below $3. Will keep adding below $3.
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