If we break out of the neckline, we should see a run of 10% back to the 200 moving average and former support / around 390/400.
If we pass 400, then we should see a retest of those all time highs around 460.
If we don’t pass 400, that’s a sign of weakness and I expect a fail and fall back down to those crash lows. If we make it back up to all time highs, then we could form a or break out to all time highs.
A lot of uncertainty how strong this bounce back will be. It is Christmas, and markets might be thinner.
But we are playing this pattern for a return back to 390/400 short term.
Long above 370 neckline
Target: 390/400 level,where we take profits
Please support me by reading my signature and clicking through my links!! Thanks!
Sign up to TradingView charts:
Sign up for TastyWorks - The Best and Safest Broker