IMO, this is one of the best chances we got to break the $14.50 level and shoot up to $17 and above. I mentioned in my last idea that we would see a big breakout on Tuesday or Wednesday, so this short term triangle may be a precursor to hitting our recent local top before a big breakout of the overall pattern.
If this pattern fails, then I am actually looking at another re-test of $7.50, unfortunately. This is what we have in front of us, but I am giving the bullish scenario a greater than 50% chance of occuring.
If this pattern fails, then I am actually looking at another re-test of $7.50, unfortunately. This is what we have in front of us, but I am giving the bullish scenario a greater than 50% chance of occuring.
Note
It has been going sideways after slightly breaking down below the triangle. This chart pattern is no long valid as it has morphed into a bull flag. Please refer to my latest idea on updates to the current price action/patterns.
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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.