Yeah that risinf wexge we were speculating could have a bullish break strictly base off of this huge irrational move down as well as the potential of being over sold and just in fact at an excellent buying point Howver as stated a rising wedge is a bearish pattern and breaks down 70% of the time. Once we lost support we dropped to the bottom of the wedge, which is the target of a rising wedge. This setup DOCU for a potential double bottom. Now the main area I am watching for is roughly 154$ as this would be the previous resiatnce line that head price action up during that upward considation. This is a short term idea, doesn’t have to make it Howver that would be a confluence area I would target. Wheather you’d decide to open a short upon backtesting confirmation of a rejection, or not that is a pretty logical idea. Playing this rip up to 154 could be a nice safe target to play. Just my idea I currently have no postion but I am speculating if we clear 148 and hold or rip through I would open a long with 154 area as a take profit zone. Recent wick a buy back at 140 could insinuate a strong buyer there, which could be a great area to place a stoploss below. 20-30 cents velow
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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.