Zooming in on the weekly pattern shows a double top on the daily .
The target for a double top is 2 times the height of the double top. Hence if the distance shown is A the target of the double top will be twice A (2A) which is approximately 273
My thought is this is part of a larger pattern with a 10K target once the consolidation completes
The target for a double top is 2 times the height of the double top. Hence if the distance shown is A the target of the double top will be twice A (2A) which is approximately 273
My thought is this is part of a larger pattern with a 10K target once the consolidation completes
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Why 10K ?============
because a look at the far left side above the resistance line shows there is no resistance after that area - its a straight move up; Hence as price moved down quickly past that area I expect it will similarly move up fast when it reaches above this zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.