This could have been either a H&S or Inverted Cup & Handle.
Either way, confirmation of this pattern with a breakout below 59k could see a measured downside move to high 48's.
This matches up precisely with the 38.2% Fib from the JUL low, and would be a perfect re-test of the medium term trend & 2/1 Gann line. By the time it gets there, it will be a good bounce on the 200 EMA also.
All this coupled with yesterday's confirmation of Hidden Bearish Divergence on the monthly RSI points to a decent pull back end point.
The completion of a Minor wave 1 down would be confirmed by a strong bounce at this level. Further confirmation of a downside Minor 5 wave will be found at the possible top of wave 2, back up at resistance in the low-mid 60's.
If the downside pattern ends up being invalidated later on, this bounce point at 48-50 is still likely in the mean time.
We'll See.
Either way, confirmation of this pattern with a breakout below 59k could see a measured downside move to high 48's.
This matches up precisely with the 38.2% Fib from the JUL low, and would be a perfect re-test of the medium term trend & 2/1 Gann line. By the time it gets there, it will be a good bounce on the 200 EMA also.
All this coupled with yesterday's confirmation of Hidden Bearish Divergence on the monthly RSI points to a decent pull back end point.
The completion of a Minor wave 1 down would be confirmed by a strong bounce at this level. Further confirmation of a downside Minor 5 wave will be found at the possible top of wave 2, back up at resistance in the low-mid 60's.
If the downside pattern ends up being invalidated later on, this bounce point at 48-50 is still likely in the mean time.
We'll See.
관련 발행물
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
관련 발행물
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.