BURL – Final Wave 5 in Rising Channel, Fake Breakout Possible
BURL has completed a full 5-wave advance within a rising channel, ending in wave (v) of C. Current price is testing the top of the channel with a minor upper wick breakout — a common occurrence in wave (5) tops.
Historically, wave (5) often ends with a fake breakout above the channel, followed by a rapid breakdown through the channel base. Price has not yet broken below the lower boundary of the rising structure, which remains the key level for confirmation.
The target zone for potential correction lies between $245–250, aligned with prior wave (iv) consolidation and visible support.
No trade is valid until a decisive break below the rising channel. As long as the lower bound holds, the structure remains intact.
Key Levels:
Resistance: $272 (fake breakout zone)
Support: Rising channel base (~$267)
Bearish Target (after breakdown): $245–250
Conclusion:
Watch for confirmation of breakdown. Fake breakouts above channel top are common in wave (5) endings. Entry valid only below lower trendline.
Historically, wave (5) often ends with a fake breakout above the channel, followed by a rapid breakdown through the channel base. Price has not yet broken below the lower boundary of the rising structure, which remains the key level for confirmation.
The target zone for potential correction lies between $245–250, aligned with prior wave (iv) consolidation and visible support.
No trade is valid until a decisive break below the rising channel. As long as the lower bound holds, the structure remains intact.
Key Levels:
Resistance: $272 (fake breakout zone)
Support: Rising channel base (~$267)
Bearish Target (after breakdown): $245–250
Conclusion:
Watch for confirmation of breakdown. Fake breakouts above channel top are common in wave (5) endings. Entry valid only below lower trendline.
Trade chiuso: obiettivo raggiunto
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.