So, where are we headed? Well, the descending wedge that has formed points to the 8.392 fib @ $13.74. However, I do not see us playing out the entire wedge. That gold box seems like a reasonable zone to aim at, and I wouldn't be surprised to see a touch of $16.95 to satisfy the gap that remains from the June run, but at a minimum the golden zone sits just above the tip of the descending wedge.
I can imagine a scenario where such a move ignites volume, wakes up a latent demand zone which will look like a long wick on a daily candle when all is said and done.
I can imagine a scenario where such a move ignites volume, wakes up a latent demand zone which will look like a long wick on a daily candle when all is said and done.
