Celo (cgldusd) Weekly chart indicates the double bottom breakout
Updated
. . .has been validated. Now jsut waiting for price action to head to the full double bottom breakout target. In the current price zone, a mild correction before reaching the full target wouldn’t surprise me. In doing so it would help it create an inverse head and shoulders for its follow up bull pattern. Also a chance it just skips the correction and heads straight to the full target first. Either way I expect the target to be hit. *not financial advice*
Note
You can see the perfect wick retestof the enckline of the double bottom here on the current weekly candle.Note
Even if it hits the full double bottom breakout target first then corrects it could still form an inverse head and shoulders after doing so…it would simply be one with a slightly more ascending neckline.Note
One last thing of note the descending tan trendline is actually the neckline of a downward slanted inv h&s. The target of that pattern has only just recently been hit and it originally broke up from that pttern in March of 2023. Because we were still in a bit of a sideways market at the time is most likely by it took so long to reach it’s full breakout target but it still found a way to anyways.Note
Target hit!Note
After hitting the target celo had a sold retrace and is now attempting to secure the top trendline of the channel as its new base support going forward.
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