This one looks like a great set up. There's been some huge volume and then a steady decrease during this descending wedge .
At the moment on lower timeframes it is edging along the top resistance, which is a good sign
Wait for a breakout, retest and resumption on at least the 4Hr chart.
Depending where it breaks the wedge (I'm guessing it will be tomorrow), a measured move should take it somewhere around the first major resistance, which is a bit of extra confirmation that this move should play out.
I won't take any profits there as this looks like a big accumulation that will fly.
I will take 50% of profits at Target 2 and then let the rest run as high as it can, with current target somewhere in the range of 3.5 - 3.9
If it can break the second target, it's got a pretty clear run to at least 3.5
At the moment on lower timeframes it is edging along the top resistance, which is a good sign
Wait for a breakout, retest and resumption on at least the 4Hr chart.
Depending where it breaks the wedge (I'm guessing it will be tomorrow), a measured move should take it somewhere around the first major resistance, which is a bit of extra confirmation that this move should play out.
I won't take any profits there as this looks like a big accumulation that will fly.
I will take 50% of profits at Target 2 and then let the rest run as high as it can, with current target somewhere in the range of 3.5 - 3.9
If it can break the second target, it's got a pretty clear run to at least 3.5
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