W Formation has formed after an extended downtrend.
The price has broken above and has a likelihood of running up.
Price above all MAs
Target $571.54
CONCERNS:
After a steep downtrend, the price is still vulnerable for upside. Either it rallies hard and furious. Or the market comes back down into the formation.
Either way, we have out signal to go long.
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A little hindsight on what could have been a nice short. Red line was your level. After a nice drop price pulled back to test that exact level and then went back down again. Price is rising yet again and could come to test that area once more. Since it has been tested before it has a better chance of pushing through it. That is not a rule just something to...
Triangles, Descending Triangles, Ascending Triangle and Ranges are repeatable trading chart patterns.
Triangles and ranges are consolidation chart patterns that can breakout either direction.
Ascending and descending chart patterns will have a directional bias depending on the previous incoming trend.
Each chart pattern will have defining trendlines of the...
