Descending Triangles within a Larger Descending Triangle - $2200
I believe we're forming yet another descending triangle.
If we look back at the larger descending triangle that we broke in 2018, we achieved the % measured move to our recent low of $3150. The bigger pattern is a falling wedge. If we play out the measured % move of the new descending triangle, our target will be $2200 which falls in line with previous support during the 2017 bull run.
In addition, the previous 2015 low was 86.9% drop from the peak. If we use the same percentage, that will take us to a low of $2600. There is a lot of confluence that shows a bottom in the 2k range.
If we look back at the larger descending triangle that we broke in 2018, we achieved the % measured move to our recent low of $3150. The bigger pattern is a falling wedge. If we play out the measured % move of the new descending triangle, our target will be $2200 which falls in line with previous support during the 2017 bull run.
In addition, the previous 2015 low was 86.9% drop from the peak. If we use the same percentage, that will take us to a low of $2600. There is a lot of confluence that shows a bottom in the 2k range.
Penafian
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