Bull Rebound of a Bear Retracement 2022, followed by ATH in 2023.
Short term rally. Destination: Liquidity grab @ Purple rectangle and rally limited by diagonal descending resistance around same area.
Medium to Long term.
Descending broadening wedge -bullish outcome.
Formation of a descending broadening wedge after a peak on Jan-2022, validated since the price touched the support line at least x3 (6 times in this case) and tested the resistance at least x2 already.
A break in the resistance line of that descending wedge will complete the pattern, resulting in a rally, which height will resemble the difference/distance in price from the first time its Resistance was tested, and the price ar the last time it tested its Support.
The price Target is given by plotting that wedge’s maximum height onto the breaking point.
Short term rally. Destination: Liquidity grab @ Purple rectangle and rally limited by diagonal descending resistance around same area.
Medium to Long term.
Descending broadening wedge -bullish outcome.
Formation of a descending broadening wedge after a peak on Jan-2022, validated since the price touched the support line at least x3 (6 times in this case) and tested the resistance at least x2 already.
A break in the resistance line of that descending wedge will complete the pattern, resulting in a rally, which height will resemble the difference/distance in price from the first time its Resistance was tested, and the price ar the last time it tested its Support.
The price Target is given by plotting that wedge’s maximum height onto the breaking point.
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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.