Decided to just ignore all the noise and go back to the basics for this one.
We got a classic ugly diamond bottom, a ton of volatility after a large price move followed by reduced volatility, some symmetry but there are bits that pop out of the pattern on both sides.
Diamonds don't have to look perfect for them to be legit, this one is certainly no beauty and I was hesitating to call it one, but I think it is close enough.
Measured moved for each side is 570 (up to the liberation day announcement) if there is a positive breakout, and 470 down to the next level of support if there is a negative breakout.
Volume is declining from when we entered the diamond shape, which typically points to a bullish breakout. If we get positive tariff news this could definitely happen.
Ultimately watch for a break of 520 for a bearish move and a break of 536 for a bullish move.
We got a classic ugly diamond bottom, a ton of volatility after a large price move followed by reduced volatility, some symmetry but there are bits that pop out of the pattern on both sides.
Diamonds don't have to look perfect for them to be legit, this one is certainly no beauty and I was hesitating to call it one, but I think it is close enough.
Measured moved for each side is 570 (up to the liberation day announcement) if there is a positive breakout, and 470 down to the next level of support if there is a negative breakout.
Volume is declining from when we entered the diamond shape, which typically points to a bullish breakout. If we get positive tariff news this could definitely happen.
Ultimately watch for a break of 520 for a bearish move and a break of 536 for a bullish move.
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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.