Speculation for now, but if we have now found a bottom here and got a nice rally of 176.40 lows, this could be the start of a symetrical trinagle building.
My first initial idea was a bull flag, which we started to play out but got a nasty rejection at 207$. This blew that idea up when we lost 185.50 support.. Howver now I’m considering this idea. That doesn’t mean we could come back to retest that 176.40 support again but if we don’t test it and we headed up to the reostance of this symtrical triangle before a drop back to the potential support, the upper reostance is roughly 202.50-204 depending on when we hit it.
My expections for now, is sideways considlation between 182.40-186 range. If we can control that and push towards 204 I’d expect a rejection of that reistance and a sharp decline do the lower uptrending support to build this final test of the symtrical triangle
If we can make it to 204 area or so befoee retesting 176.40 that will align 3 upper taps of the triangle and would expect a 3rd test to confirm the support. That should be enough to compress the considation enough to blast upwards towards the longer term downtrsnifn reistance.
The targeted range of the speculative symtrical trinagke is 250 which doe align with some highs back in July of 2022
This just an idea I’m playing out as I did long call options at 176.40
If this was to happen this could be breaking out closer to end of April based off this idea. It’s just an idea for now as not enough price action to confirm but I wanted to share! Good luck
My first initial idea was a bull flag, which we started to play out but got a nasty rejection at 207$. This blew that idea up when we lost 185.50 support.. Howver now I’m considering this idea. That doesn’t mean we could come back to retest that 176.40 support again but if we don’t test it and we headed up to the reostance of this symtrical triangle before a drop back to the potential support, the upper reostance is roughly 202.50-204 depending on when we hit it.
My expections for now, is sideways considlation between 182.40-186 range. If we can control that and push towards 204 I’d expect a rejection of that reistance and a sharp decline do the lower uptrending support to build this final test of the symtrical triangle
If we can make it to 204 area or so befoee retesting 176.40 that will align 3 upper taps of the triangle and would expect a 3rd test to confirm the support. That should be enough to compress the considation enough to blast upwards towards the longer term downtrsnifn reistance.
The targeted range of the speculative symtrical trinagke is 250 which doe align with some highs back in July of 2022
This just an idea I’m playing out as I did long call options at 176.40
If this was to happen this could be breaking out closer to end of April based off this idea. It’s just an idea for now as not enough price action to confirm but I wanted to share! Good luck
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Disclaimer
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.