Here is a daily bar chart of $V in the middle of this pattern well-defined by these two converging trend lines. As prices approach the apex of this symmetrical triangle, something’s gotta give. A resolution is quickly approaching:
From a risk management perspective, if prices break below the June lows near $207, then this bullish thesis is likely incorrect and a more bearish stance would be more appropriate. Although I believe this is the lower probability outcome, keeping an open mind to all possibilities is something that we pride ourselves on.
I would also argue that a rally above the July highs near $225 would confirm a breakout and bullish resolution to this pattern that would signal much higher prices in the near future. I think this is the higher probability going forward based on the evidence above along with momentum readings and longer-term time frame analysis.
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