wimpy play here, but pointing out the obvious compression after the exponential run up.
We tagged the long term trendline and are bouncing in a corrective ABC structure.
2 potential target zones identified depending on the size of this bounce.
Using other SPACs, Us major indices, and DXY as a proxy for this play, I actually favor the higher targets near $19.
Ultimately I think this compression breaks down, either using the top of the gap or filling the gap as a bounce zone at $10 before continuing higher.
More often than not you actually break out of triangle compression, but sometimes you pierce through the bottom, as I am anticipating
We tagged the long term trendline and are bouncing in a corrective ABC structure.
2 potential target zones identified depending on the size of this bounce.
Using other SPACs, Us major indices, and DXY as a proxy for this play, I actually favor the higher targets near $19.
Ultimately I think this compression breaks down, either using the top of the gap or filling the gap as a bounce zone at $10 before continuing higher.
More often than not you actually break out of triangle compression, but sometimes you pierce through the bottom, as I am anticipating
Note
Closing TLRY for a 30% gain on this trade. Might have another small leg up, but this was again a well-defined trade and we have captured the majority of the gains based on the evidence available for this play.
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.
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.