Double bottom has formed, creating a triangle pattern where there could be a retest.
If price breaks through resistance level, I can consider riding the double bottom where retracement level .382 sits near the pullback - long.
Trading the triangle would put the price at a second retest - short.
Currently interested in watching this triangle complete with...
Bullish trend
Market closed on a 1.272 extension of the most previous leg
RSI is showing divergence on the last two highs
Price is getting close to structure resistance for a potential pullback
my first attempt at charting this type of pattern, but a few signs point in this direction
Be curious to see what happens when the market open back up
Quite a bit of confluence taking shape at market level for RGR 0.80% .
I originally started by trying to relate a fundamental style analysis within the technical charting analysis. I charted the 6-8 month season for gun sales and compared 2015 to 2016 by actually drawing over price action, copying in and placing it over the 2016 season to see any correlation....
