If we take a wider view and analyze the daily chart, we quickly are able to identify the formation of a pennant. This usually suggests continuation of current trend. If it breaks down through the triangle, the target should be around ~40 (length of the flag pole)
If it breaks the other way, then target should be around ~82-84 (length of wave A). Even if it retraces back to ~40, the target for the bigger wave B should be the same around ~82-84.
If it breaks the other way, then target should be around ~82-84 (length of wave A). Even if it retraces back to ~40, the target for the bigger wave B should be the same around ~82-84.
Note
Broke through the triangle, should take us down once more nowNote
first support brokenNote
second support broken, updated chartNote
Point B at 82.70 not 83.75
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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.