Get in Late, But Get in With Confidence

I had this ticker in my watchlist, but for some reason, I just realized its pattern is broken from the downside. It has both advantages and disadvantages; We are at least 2 days behind from the move, but nevertheless, we are confident that the move is surely present. Here, we have an ascending triangle at the very end of a strong bullish move. Even though this pattern usually breaks out from the upper boundary, the price just did not have the necessary momentum to do so for this time. The lack of bullish momentum is already apparent when the price marks a higher high, but the MACD histogram makes a lower high. This is referred to the Bull's Broken Back. Since bullish momentum is absent, the price ultimately fails to raise and the decline began. The downward move is strong enough that breaks the bottom boundary of the triangle pattern. I will probably not trade this one just because I am not liquid, but my guess is that we will move down to at least ~$24.00. If the $23.40 support could not stop the bears, then we shall see another downward move to ~$20.00.

God willing...

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