Break-out
CrossroadsWe are in a crossroads between major trendlines here.
This forms a triangle pattern on which you can apply fib-time lines to predict a breakout (0.764 fib-time).
I added some interesting levels and other trend lines aswell.
How to trade it:
Depending on what side of the triangle (bottom / top)
the price is closer to while approaching the 0.764 fib-time,
you can start scaling into the respective trade.
For buys you can wait for breaks of:
231 level
yellow trend line / H&S neck line
blue triangle top
log downtrend (red)
260 level
For sells you can wait for breaks of:
apex level 218.33
210 level
200 level / triangle bottom
192 level
Targets are based on projections of the widest distance within the triangle, down / up from the apex.
For the up target the absolute value is used, for the down target the % value.
If you have any questions please leave a comment !
Good Luck ! : ]
