A quick look at the 15 minute chart shows 3 hard hits down at 689X. This combined with the Higher Highs shows the ARABW...Ascending Right Angle Broadening Wedge. We've now hit 3 times on top and 3 times on bottom. Typically the ARABW would indicate a breakout downward. This affirms my last update to my previous post that said that hanging out on this support level for too long will eventually fall through. We should expect a partial rise within this wedge and then a breakout downward. This is not good news for my previous optimism. It could break either direction, but most likely it will be downward...but pay close attention! Anything outside this wedge could be a day trading opportunity. i would expect the downward breakout to be limited, with the .618 Fib Level right below this support zone. But the upward breakout would be a lot more open to big gains in the short term.
Of course, best to see a confirmed breakout before trading this pattern...just a quick observation that the 3 touches on the top and the bottom could indicate impending moves! Have Fun!
Have a Great Day!
Of course, best to see a confirmed breakout before trading this pattern...just a quick observation that the 3 touches on the top and the bottom could indicate impending moves! Have Fun!
Have a Great Day!
