Retesting breakout level from half year ago, sometimes a big support level, in combo with this wedge, it gives potential. A false breakout is an option as well, a quick dump. If that happens, it will be safer to see it get back in/above the wedge again. It should stay above that green level, otherwise likely that something else is going on.
Previous analysis:
Previous analysis:
Note
So far not really liking it, usually with a false breakout it should pop up like a small V shape. So need to see it bounce today, otherwise it will most likely fail. EURUSD did almost the same yesterday, that one made an attempt and failed. So if the green holds, we could see a small W bottom. If it breaks, than likely to see another quick drop. Safer place would be seeing it getting back in the wedge. That's usually a confirmation of a false breakout
Note
Nice, only minutes after my update the W bottom played out and it pumped. So false breakout confirmed, already reached target of the W bottom, now we should see it reach the target of the wedge. There it would be smart to unload like half and wait it out a bit. The idea is still long term, some resistances on the way. But i will try to keep you up to date on it coming weeks.
Note
Target of the wedge has been reached now, very nice! Now 2 options, taking 50 to 75% profit now or use a very tight stop if it drops out of that channel for the same amount. The green line is likely, seeing a retest of support. If that happens and we turn again, think i might get in again.
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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.