Morning everyone. Thought I'd post a chart of wha
Post# of 15624
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Posted On: 03/24/2017 7:48:18 AM
Morning everyone. Thought I'd post a chart of what I at least see and my observations of where we might be headed. Looks like a nice pennant forming which could complete in the next few sessions. For those that don't know about pennants http://www.investopedia.com/university/charts/charts6.asp
What we're looking for is the price objective before the next retrace.
" Upon breakout, the initial price objective is equal to the distance of the prior move added to the breakout point."
The distance of the last move was about $2.58 and I think our breakout point should be around where we are now. So $1.27 + $2.58 = $3.85. There will be some resistance points to breakthrough at about $1.50 and $1.70 but if history is any indicator, $3.85 is a real possibility, maybe even over shooting a bit.
What we're looking for is the price objective before the next retrace.
" Upon breakout, the initial price objective is equal to the distance of the prior move added to the breakout point."
The distance of the last move was about $2.58 and I think our breakout point should be around where we are now. So $1.27 + $2.58 = $3.85. There will be some resistance points to breakthrough at about $1.50 and $1.70 but if history is any indicator, $3.85 is a real possibility, maybe even over shooting a bit.
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