EOS - Case For Bear EOSUSD SHORT 1D - Ascending Broadening Wedge
Updated
Here is a case of a developed ascending broadening wedge pattern. Typically, the price returns to the level at which the pattern developed. (see 1.a) We see a bounce off of the .618.
Stop would be set above .718
Fibonacci Extension
1.00 = Target of $4.95
1.272 = Target of $4.25
1.618 = Target of $3.30 (pattern would be completed)
Stop would be set above .718
Fibonacci Extension
1.00 = Target of $4.95
1.272 = Target of $4.25
1.618 = Target of $3.30 (pattern would be completed)
Note
Test of support, h & s development...not a bad spot for a little TPNote
Let's just seeNote
Approaching/within T1 ZoneNote
Target 1 Hit, Approaching Target 2! Short Entry was 7.25, now at 4.60 :)Note
RSI is very oversold, not a bad idea to TP here for T2.Note
This is the big picture.
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