The weekly timeframe is pointing us upwards:
1. A massive symmetrical triangle that has been forming for almost a year, breaking out of which usually means a continuation of the pre-existing trend (in this case upwards, as this was the trend before we entered the wedge)
2. Hidden Bullish divergence, with Price action making higher lows, and oscillator (RSI) Lower lows. Also a sign of bullish continuation.
If we follow the textbooks, a bullish continuation is on the cards. But what the weekly timeframe also teaches us is that patience is key. These pattern play out in weeks rather than hours!
This is not investment advice. Please do your own research
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1. A massive symmetrical triangle that has been forming for almost a year, breaking out of which usually means a continuation of the pre-existing trend (in this case upwards, as this was the trend before we entered the wedge)
2. Hidden Bullish divergence, with Price action making higher lows, and oscillator (RSI) Lower lows. Also a sign of bullish continuation.
If we follow the textbooks, a bullish continuation is on the cards. But what the weekly timeframe also teaches us is that patience is key. These pattern play out in weeks rather than hours!
This is not investment advice. Please do your own research
Feel free to follow me for regular updates