Begin with the caveat all traders understand, every pattern requires confirmation along the way. So this will be a discussion of patterns and confirmations. I tend to trade daily, so i am neither long nor short.
Pattern 1: Macro wolf wave, $65 by mid January.
Channel 1 (Yellow): bull channel from November 2016
Channel 2 (Blue) : bear channel from December 2016
Trend lines aplenty: top to bottom all price number give or take 20 cents
Red line: Prior peak week of 12/5 - may be the right shoulder of a H&S pattern. Marks the first checkpoint $52.4x
Fuscia line: Prior peak from October $51.8x
Fuscia line: Low trend from 12/1, 12/8, 12/15 $50.1x
Fuscia line: Low trend line from 11/14, 11/30 $49.0x
Red line: Prior minor high points of range trading $46.6x
Bullish Cipher possible formation.
Checkpoints:
1. Continue to move up to $52.4x
2. $52.4x fork in the road:
- a break up would set us up in a new analysis as it moves to the top of the bullish channel $56.6x
- pullback to $50.1x
2. $50.1x up may confirm elliot wave 3 and to 52.2x again
- down from here and we have crossed the neckline of a H&S and would target $49.0x
3. if we hit wave point 3, then look for point 4 to complete the H&S at $49.0x
4. $49.0x loo for a bounce bull run to point 5, $53.7x
or look for completion of cipher to $46.6x
In all cases these intermediate patterns are longer term bullish. With reversion back into the bullish channel.
Pattern 1: Macro wolf wave, $65 by mid January.
Channel 1 (Yellow): bull channel from November 2016
Channel 2 (Blue) : bear channel from December 2016
Trend lines aplenty: top to bottom all price number give or take 20 cents
Red line: Prior peak week of 12/5 - may be the right shoulder of a H&S pattern. Marks the first checkpoint $52.4x
Fuscia line: Prior peak from October $51.8x
Fuscia line: Low trend from 12/1, 12/8, 12/15 $50.1x
Fuscia line: Low trend line from 11/14, 11/30 $49.0x
Red line: Prior minor high points of range trading $46.6x
Bullish Cipher possible formation.
Checkpoints:
1. Continue to move up to $52.4x
2. $52.4x fork in the road:
- a break up would set us up in a new analysis as it moves to the top of the bullish channel $56.6x
- pullback to $50.1x
2. $50.1x up may confirm elliot wave 3 and to 52.2x again
- down from here and we have crossed the neckline of a H&S and would target $49.0x
3. if we hit wave point 3, then look for point 4 to complete the H&S at $49.0x
4. $49.0x loo for a bounce bull run to point 5, $53.7x
or look for completion of cipher to $46.6x
In all cases these intermediate patterns are longer term bullish. With reversion back into the bullish channel.