Waiting for LONG Entry Set Up - Daily Chart
Currently trading within both an ascending wedge and larger ascending triangle pattern = usually follows trend; so expect a break to the down side.
In support of this:
• 3 tests so far of the 23.6 Fib = expect one last retracement to between 6300-6450 before a possible breakthrough.
• Stoch RSI Oversold
If we break to the upside of the 23.6 Fib wait for the retest of the 23.6 Fib as new support and go long off the bounce.
Target 1: 6800-7350 (38.2 Fib) or Target 2: 6800-7870 (.5 Fib).
Neutral until confirmation of set up.
In support of this:
• 3 tests so far of the 23.6 Fib = expect one last retracement to between 6300-6450 before a possible breakthrough.
• Stoch RSI Oversold
If we break to the upside of the 23.6 Fib wait for the retest of the 23.6 Fib as new support and go long off the bounce.
Target 1: 6800-7350 (38.2 Fib) or Target 2: 6800-7870 (.5 Fib).
Neutral until confirmation of set up.
Komen:
Forming right shoulder. Hit support zone and as expected found support.
Komen:
