$JSECML - Coronation: Is That A Double-Bottom Forming?
Coronation has been in a strong bear market since peaking in November 2021.
The bear seems to be losing momentum as price has traded sideways since September 2022 and it looks like price could be forming a double-bottom reversal pattern.
The neckline of the double-bottom is still some distance ahead at 3850. A clean break above the neckline will confirm the pattern.
What is also encouraging from a bullish perspective is that price is still holding above 2436 so the five wave advance from March 2020 is still valid.
An aggressive stop-loss for longs is below 2868.
The bear seems to be losing momentum as price has traded sideways since September 2022 and it looks like price could be forming a double-bottom reversal pattern.
The neckline of the double-bottom is still some distance ahead at 3850. A clean break above the neckline will confirm the pattern.
What is also encouraging from a bullish perspective is that price is still holding above 2436 so the five wave advance from March 2020 is still valid.
An aggressive stop-loss for longs is below 2868.
