Weekly log chart on quant has a easured move target over 1k.
Updated
The price action currently just closed a weekly candle below the triangle for the first time, however when you take the same measured move line to ensure a breakdown from the channel the result is an impossible negative price which tells us that probability greatly favors a break upward from this triangle eventually. I went ahead and arbitrarily placed the breakout line fairly close to the triangles apex as a guesstimate. Now being that this is both a weekly time frame and on the logarithmic scale, theres no guarantee it will hit the full measured move target for this pattern in the current bull cycle…could take 2 bull cycles from now to reach the full target, but it is also quite possible for it to hit this target this bull cycle too. Either way if it does eventually confirm the breakout this is very much so likely to be an eventuality and inevitability. Posting it here now so I can come back to this idea at a later time and see how this pattern develops overtime. This one may take multiple multiple months to reach the target of whenever it finally confirms a breakout. *not financial advice*
Note
I should add that on big pullbacks below the bottom trendline of a pattern that then 180 like a sling shot to t he upside to break upward right at its apex can often dumps have quite an aggressive flash dump to them, In quants case it is currently below the neckline of a bearish double top pattern (not shown here) and on the smaller time frames triggering the breakdown from that pattern could take price even as low as $55 before its big rebound. Even if it were to reach the full breakdown target of the double top pattern breakdown, It could easily still be well with the breakdown fakeout zone of this triangle pattern and still confirm the break up on this triangle not long after. Personal if we are blessed enough to get a chance to add more at the $55 range I will definitely be doing so myself *not financial advice*
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.