The daily chart should be headed to ~5 and then ~6 dollars give or take. It already has a confirmed double bottom that is currently re-testing its neck after reaching the top of the larger wedge here and getting stopped there.
If LTFs moves down to re-test 4.27 or even a pullback below it around the EMAs occurs, and these levels are held or reclaimed as supports, that would be a successful re-test of the double-bottom's neckline.
That double-bottom's initial target would lead to a breakout of the larger wedge, after a failed breakdown (making it more likely already).
A daily wedge break targets $5.97 as its initial take profit target, around $5.14 as the halfway point towards it.
Good luck!
If LTFs moves down to re-test 4.27 or even a pullback below it around the EMAs occurs, and these levels are held or reclaimed as supports, that would be a successful re-test of the double-bottom's neckline.
That double-bottom's initial target would lead to a breakout of the larger wedge, after a failed breakdown (making it more likely already).
A daily wedge break targets $5.97 as its initial take profit target, around $5.14 as the halfway point towards it.
Good luck!
Trade active
Bounced from the 50/200 EMA crossover, held support on the daily close/open, now testing top of support - looking for potentially one more test of bottom of support around 4.2755 ish, or it may move up sooner instead. Longer-term - look for a move above 4.45ish to confirm the larger move up towards 6Note
Reached the 0.5x measured move and moved a bit above it:
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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.