Hi traders,
Today I want to share an interesting pattern with you. Looking at the weekly chart a falling wedge has been (near) completion.
Falling wedges are classified as reversal patterns. Please click this link for a reference: d.stockcharts.com/school/data/media/chart_school/chart_analysis/chart_patterns/fallingwedge-fcx.png
The dip we are going through would be the support test or pullback. The support line of the wedge lines up with the weekly EMA at about 7.8 - 8k.
If completed price could move significantly higher.
Breaking through lower than 7k would invalidate this pattern.
Please keep in mind that this is a scenario and that a invalidation of this pattern is always possible.
Greetings and goodluck,
Vincent
Today I want to share an interesting pattern with you. Looking at the weekly chart a falling wedge has been (near) completion.
Falling wedges are classified as reversal patterns. Please click this link for a reference: d.stockcharts.com/school/data/media/chart_school/chart_analysis/chart_patterns/fallingwedge-fcx.png
The dip we are going through would be the support test or pullback. The support line of the wedge lines up with the weekly EMA at about 7.8 - 8k.
If completed price could move significantly higher.
Breaking through lower than 7k would invalidate this pattern.
Please keep in mind that this is a scenario and that a invalidation of this pattern is always possible.
Greetings and goodluck,
Vincent
Nota
Here is where my head is at. So a support test of the wedge would be required. If that would play out I think we should be able to get a rocket launch from the 7.4k range.Nota
Wow it seems we actually bounced of the wedge. Curious to see how this is further going to play out.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.