The main aspect we can see on this chart is a huge Cup and Handle Pattern. The idea of this movement is a round bottom. The price reaching the previous ATH and finally making a Corrective movement there (ABC pattern) or the handle.
The target of the cup and handle pattern is the distance from the bottom to the previous ATH.
Currently, we are observing a new Corrective pattern (ABC) inside the ascending channel and aligned with the target of the cup and handle.
The arrows and the green and red lines we are using are the levels to say, "The analysis is active, or the analysis is invalid" We think it will be pretty intuitive for everybody to understand the meaning of them...
Final Conclusion: We think there is a new accumulation process right now, and if the price reaches the green line, we can have a continuation movement towards the end of the green arrow. The expected distance of the whole bullish movement is between 125.00 and 128.00
Have a great trading week and remember: PROTECT YOUR CAPITAL!
The target of the cup and handle pattern is the distance from the bottom to the previous ATH.
Currently, we are observing a new Corrective pattern (ABC) inside the ascending channel and aligned with the target of the cup and handle.
The arrows and the green and red lines we are using are the levels to say, "The analysis is active, or the analysis is invalid" We think it will be pretty intuitive for everybody to understand the meaning of them...
Final Conclusion: We think there is a new accumulation process right now, and if the price reaches the green line, we can have a continuation movement towards the end of the green arrow. The expected distance of the whole bullish movement is between 125.00 and 128.00
Have a great trading week and remember: PROTECT YOUR CAPITAL!