- A double bottom has formed at a key level as you can see.
- We also have a break of a Descending Wedge which signals a bullish bias.
- Will be looking to take a long position if we get a pullback to the area on confluence where we have the 0.618 retracement, double bottom neckline and outside of the descending wedge.
- Will enter upon confirmation of a bullish candlestick formation like the hammer or bullish engulfing.
- Using the 1.618 extention as a profit target as it works very well with these setups as I have experienced.
- We also have a break of a Descending Wedge which signals a bullish bias.
- Will be looking to take a long position if we get a pullback to the area on confluence where we have the 0.618 retracement, double bottom neckline and outside of the descending wedge.
- Will enter upon confirmation of a bullish candlestick formation like the hammer or bullish engulfing.
- Using the 1.618 extention as a profit target as it works very well with these setups as I have experienced.