SNPS pulled way back and appears to be trading in an ABC bullish pattern as well as a symmetrical triangle.
SNPS has broken upper trendline of a symmetrical triangle, but there is also what appears to be a questionable top. This may have corrected enough for the questionable top as it seems we may still be in a bull market. In a bull market, it is not unusual for ugly tops to stop short of a full correction from a top pattern. Just no way to know for sure, but short percent is very low. Negative volume is high.
This lines up with an AB = CD pattern, which is also an ABC bullish pattern and the target is D. The pattern consists of three legs, with two equal legs labelled AB and CD, together they form a zig-zag shape. For this reason it is sometimes called the 'lightning bolt pattern'. It can be used in any financial market and on any time frame. The retracement (from B to C) can be between 38.2% to 78.6% of the A-B leg, however, an ideal pattern has a retracement of 61.8% to 78.6%.
You can take the AB leg using the magnet and extend it from point C to get an idea where price may go.
No recommendation
SNPS has broken upper trendline of a symmetrical triangle, but there is also what appears to be a questionable top. This may have corrected enough for the questionable top as it seems we may still be in a bull market. In a bull market, it is not unusual for ugly tops to stop short of a full correction from a top pattern. Just no way to know for sure, but short percent is very low. Negative volume is high.
This lines up with an AB = CD pattern, which is also an ABC bullish pattern and the target is D. The pattern consists of three legs, with two equal legs labelled AB and CD, together they form a zig-zag shape. For this reason it is sometimes called the 'lightning bolt pattern'. It can be used in any financial market and on any time frame. The retracement (from B to C) can be between 38.2% to 78.6% of the A-B leg, however, an ideal pattern has a retracement of 61.8% to 78.6%.
You can take the AB leg using the magnet and extend it from point C to get an idea where price may go.
No recommendation
Nota
Dark cloud cover on daily today
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.