Long

GOEV Wedge Breakout for 15% gain

Updated

This is a clean wedge with a favorable RR for a short term trade.
We are seeing similar setups on other SPACS. ie. QS backtesting the wedge breakout.

Note

Early congrats to those who took this trade. We have seen a clear breakout on the RSI pinch, as well as the descending wedge pattern. This morning we saw a moderate backtest of the wedge and we are about to take off.

Keep in mind the intraday and AH charts are slightly different. In both cases you have the primary patterns and setup mentioned. The difference is sliiiiightly different resistance and targets. Both show $9.50-$10 as a good end point for this move. Here I show the intraday.

Please note I focus my trades on reliable patterns and take profits before final end point. eliot wavers could argue this is an ABC or start of an impulse. I personally think it's an ABC so that is the reasoning for my $10 price target, and will be closing on the way up. In either case, it's a high probability trade worth taking, at least under my definitions and risk mgmt strategy.

Note

Defined key areas of resistance in this update. Gear up for a 10% spike to $9.19, followed by some chop as we correct sideways, then final move targetting upper $9 range. For now, $9.70 seems to be the best target. One step at a time.

We saw a clear back test of this "resistance" which is now support (upper resistance of the descending wedge). You can normally extrapolate the key defining line of a wedge to the outer boundaries to help shape the future price action - this is what I'm talking about.

Toot my own horn here but was also correct with the referenced QS move. Should see all memes follow suit.

Note

The price action is respecting the larger wedge, defined by the peak on June 9th.
As mentioned, it's critical to be paying attention to both charts - the intraday and afterhours. In the afterhours charts, this becomes apparent. Ensure you are scanning all timeframes for clues.

Note

Timeframes can alter candlesticks which affects geometry.
For this reason, we are down to the 5min chart.

Unfortunately we see a test of resistance against the wedge and breakdown of the channel. Holding SL for this trade at $7.79. It's possible this is a fakeout, but looking more likely to be to the downside.

warrenbudget

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