Classic Cup & Handle Breakout & Re-test
Very simple - a classic cup and handle formation, already confirmed and re-testing a breakout:
It has held above for several weeks and is now re-testing that neckline.
Targets are TP 1 and 2, measured from the length of the bottom of cup to its neckline, from its neckline up (TP 1) and then a half length above that (TP 2).
Conditions for hitting take profit targets are:
- has already broken out of the handle forming a 2nd smaller cup
- and since broken above and held above the weekly cup's neckline
It has held above for several weeks and is now re-testing that neckline.
Targets are TP 1 and 2, measured from the length of the bottom of cup to its neckline, from its neckline up (TP 1) and then a half length above that (TP 2).
Conditions for hitting take profit targets are:
A.) holding the neckline or
B.) a weekly candle close with a pullback below that quickly reclaims it in the following week or so.
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