For now, I'm not sure how far it will go, it could just fall to 3900-4000 and bounce upward again. If it does break through that 3900 , I wouldn't be surprised if it broke back down to the bottom of this larger channel at 3000 before seeing a larger bounce.
Rising wedge formed.
Broke above the trend line for under 2 hours and then fell back over 5%. It did fail to get over 5k, which I suppose was inevitable on its first try, especially after having climbed over 15% in the last 2 days just to get to this point. It hasn't broken down below the supporting trend lines or notable moving averages, so it is still in the game to try and push past 5k unless we see a bigger dump.
Heading down for another dip. I've got two targets, 3700-3750 and 3300-3400. I think that 3700 is much more likely based on a trend line that has been quite well defined over the last few months.
I think we will bounce of this trend line, form a right shoulder Just like we did in June, and then slide off of it back down to 3300-3400 before a larger bounce and continuation of the trend.
I've made a mistake. We've already seen the double dip from that last dump. If the fractal plays out like it did in June, this is what it will likely look like
Looking for a bounce off of the middle trend line. Target 3500.