This powerful setup is for the patient believer only; no frenzied high-flyer here.
I have plotted a large weekly Bull Alternate Bat. There are two distinct inside patterns embedded within this pattern(Bull Crab & Bull Deep Crab). The ideal entry based on these patterns was @12.73 in Nov '23. I have also plotted a Modified Schiff Median Line set and a 2+ year long downtrend line. Price tested and bounced off of the lowest median line as it broke the downtrend. After a natural pullback, price began to rally again forming a 47 week Head & Shoulders Bottom. The break of this pattern coincides with a 100 bar break on the daily chart(this entry is a common trend follower's entry).
In terms of trade management, be mindful at the .236 NHR(18.89) and at the center median line. The harmonic pattern targets are plotted in green and important fibs are plotted in dotted magenta. I have plotted a Donchian Channel that can be used to trend follow(provided that it occurs above $16, liquidate on a break below a weekly bar that prints a violation of the lower maroon Donchian Line). Take targets along the way or hold until the trend bends at the end.
Best of luck to the longs!
I have plotted a large weekly Bull Alternate Bat. There are two distinct inside patterns embedded within this pattern(Bull Crab & Bull Deep Crab). The ideal entry based on these patterns was @12.73 in Nov '23. I have also plotted a Modified Schiff Median Line set and a 2+ year long downtrend line. Price tested and bounced off of the lowest median line as it broke the downtrend. After a natural pullback, price began to rally again forming a 47 week Head & Shoulders Bottom. The break of this pattern coincides with a 100 bar break on the daily chart(this entry is a common trend follower's entry).
In terms of trade management, be mindful at the .236 NHR(18.89) and at the center median line. The harmonic pattern targets are plotted in green and important fibs are plotted in dotted magenta. I have plotted a Donchian Channel that can be used to trend follow(provided that it occurs above $16, liquidate on a break below a weekly bar that prints a violation of the lower maroon Donchian Line). Take targets along the way or hold until the trend bends at the end.
Best of luck to the longs!