Nice sized candle currently above the yellow symmetrical triangle..it has grown a mild bull wick since testing the thickerwhite line above the triangle which is the neckline to a bigger inverse head and shoulders pattern. It could come back down to retest the top trendline of the yellow symmetrical triangle…the most important thing is where the current daily candle closes and how the follow up candle behaves afterwards. As long as we close above the yellow trendline on the current candle probability favors the breakout…however breaking above the white neckline by the follow up candle and flipping it to support will really seal the deal. If we do validate the breakout I would not be shocked if price action came back down to retest the white neckline as support after reaching the triangles full breakout target at $166. If it can hold the white neckline as support after that its a good sign that the inverse head and shoulders pattern will be validating as well taking us even higher. Of course it doesnt have to retest the neckline to validate the inv h&s so wise to anticipate that outcome as well. One last thing to add is there is also a current smaller inv h&s we are breaking up from at the same time as the symmetrical. I forgot to put that patterns target on the chart but the smaller inv h&s target is $137. There’s always a possibility price action corrects after reaching 137 too. *not financial advice*
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Validating the breakout target of these three patterns should confirm the golden cross will be sustained imo.
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We just hit the first target ($137) exactly before bearwicking back below the bigger neckline.
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We just got within a micropip of the $166 target to me that counts as target hit!
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It’s really quite remarkable how often times price action will climb up the measured move breakout dotted line using it as a stairway to the breakout target. This patterns breakout is no exception. Click play and watch it climb the golden staircase all the way up to the target with exact precision!
@angelinoazzi76, price tends to correct or consolidate for a bit in between 2 targets no easy way for me to tell how long that consolidation or correction could be. I think its entirely reasonable that it could go back down to even retest the white neckline as support before heading to the 221-224 target….however there have also been times where it will just keep pumping straight to the second target. I’d say if it retests the neckline as support thats where I may add to a position….I would also take at least some profit at the first target. *not financial advice*