Wednesday, Thursday, and Friday of February formed the head and shoulders pattern. Sunday opened under the neckline. 1 Range expansion of the head and shoulders puts it at 4080, which is the 4 hour demand and to get traders that are still long FOMC Wednesday. 4080 is still a higher low than FOMC's 4050. The target is 2 Full range expansions of the wedge geometric pattern over the next couple of weeks, which is 4350. This also corresponds to the top of the channel at around 4425. The weekly measured move is at 4450 or the channel top.
I am looking for a pullback long entry at around 4075-4090 area for a target of 4350-4400. My stop if wrong will be placed at 4025. Roughly a 50 Point stop
I am looking for a pullback long entry at around 4075-4090 area for a target of 4350-4400. My stop if wrong will be placed at 4025. Roughly a 50 Point stop
Note
15 Minute chart of zoomed in details. Still a bull but waiting patiently for a higher low pullback. Could be monday or tuesday
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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.