After the FOMC breakout of the geometric pattern, the range expansion for 2 expansions puts price at the top of the channel and at 4300. Price is now accelerating faster. I am looking for the pullback after the break for the break and retest at 4150.00
I will target 4300. That is 200 points potential profit target. This geometric pattern can also pullback just slightly inside, so look for bear traps. Right now the trend is bullish, so I will keep buying pullbacks. Today's price action was just a continuation of FOMC to extend the breakout. Not a good area to buy, hence why the end of day sell off. I am guessing NFP tomorrow will be bearish with a range so that the pullback can occur next week.
I will target 4300. That is 200 points potential profit target. This geometric pattern can also pullback just slightly inside, so look for bear traps. Right now the trend is bullish, so I will keep buying pullbacks. Today's price action was just a continuation of FOMC to extend the breakout. Not a good area to buy, hence why the end of day sell off. I am guessing NFP tomorrow will be bearish with a range so that the pullback can occur next week.
Note
The 15' chart's 200sma lines up perfectly with the Up channel and the 4150 bounce. I am expecting Monday or Tuesday to start the next wave higherNote
Here on the 1 Hour chart you can see the gradual picking up of prices as more urgency and buying is now underway. Note
Here is a weekly view of the bigger picture and what I believe price is trying to accomplish
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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.