OK the theory is correct as is the target. BUT... I consider flags to only be valid around the completion of the third cycle. At this point it has to break one way or the other. If it does not, then the flag formation is "cancelled " and the move turns into a consolidation channel. Attached chart ( from deep in my archives) illustrates both a flag and a consolidation channel that have the same target calcs.The latter you have to wait a long time to get the break.
Attachments
Back to the main plot.... I was going to pitch at 464 for the comp, but got swayed up to 532. That's my bank account bust again :cheesy: and 10 points down the pan ... 😱
Banging up against the channel top and CCI at 150 says we have a bit more room to the upside from here. Support choices are 390/350, 300 and 250. 300 ish gives both horizontal and slope support so that's my best guess.
I've re-drawn the channel lines to reflect CCI, but because of the big gap, this may well be skewed.....
Banging up against the channel top and CCI at 150 says we have a bit more room to the upside from here. Support choices are 390/350, 300 and 250. 300 ish gives both horizontal and slope support so that's my best guess.
I've re-drawn the channel lines to reflect CCI, but because of the big gap, this may well be skewed.....
Attachments
Some nice pickings today,starting with a long off the O/sold RSI , break back through 432 and bounce off 100MA. Into a bull flag with a failure to make 3rd cycle support, but only a target of 469. Important break as the price went through 464 and held, going on up into 3 pk ND top over 30 mins for an out....
I mentioned earlier in the week about 4 days of narrow range and how something would give soon..... and so it did. OK if you were long overnight. :cheesy:
I mentioned earlier in the week about 4 days of narrow range and how something would give soon..... and so it did. OK if you were long overnight. :cheesy:
