Daily chart is showing that bears are exhausting as well. Price took a dip down in mid August after a bearish (50, 200) ABCD pattern completed.
The retracement should stop at either 50, 61.8 or 78.6 fibonacci levels, forming a bigger ABCD pattern, which should take price right out of the triangle.
Two leading indicators are giving a buy signal, while MACD is losing momentum after completing a bottom half-circle, price should move up from here anytime soon.
Place stop losses under the 78.6% level, or under the triangle lower trendline.
You should either take long on a bullish candle, when price cross point B @ $1423, or on the triangle breakout. I would wait for the FOMC meeting to assess and make a proper decision.
You have plenty of scenarios to choose to go long from, measure your own risk and reward and take positions wisely.
The retracement should stop at either 50, 61.8 or 78.6 fibonacci levels, forming a bigger ABCD pattern, which should take price right out of the triangle.
Two leading indicators are giving a buy signal, while MACD is losing momentum after completing a bottom half-circle, price should move up from here anytime soon.
Place stop losses under the 78.6% level, or under the triangle lower trendline.
You should either take long on a bullish candle, when price cross point B @ $1423, or on the triangle breakout. I would wait for the FOMC meeting to assess and make a proper decision.
You have plenty of scenarios to choose to go long from, measure your own risk and reward and take positions wisely.
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