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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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.