Today we will take a quick look at the SHOP chart.
What we can see here is:
a) Ascending Channel, the price was rejected from the lower trendline.
b) ABC corrective pattern (apparently finished).
c) Support/Resistance zone (we want to see the price above that level, to think in bullish opportunities).
Based on all those items, if the price reaches our green horizontal line, we will consider that to activate the bullish view towards the targets we have defined using fibo extensions.
Our invalidation level will be below "C" either the analysis is executed or not.
Thanks for reading!
What we can see here is:
a) Ascending Channel, the price was rejected from the lower trendline.
b) ABC corrective pattern (apparently finished).
c) Support/Resistance zone (we want to see the price above that level, to think in bullish opportunities).
Based on all those items, if the price reaches our green horizontal line, we will consider that to activate the bullish view towards the targets we have defined using fibo extensions.
Our invalidation level will be below "C" either the analysis is executed or not.
Thanks for reading!