Hello Traders,
Here is an educational post about the W-V pattern.
As of right now the W-V pattern is not fully formed and we are waiting for price to retrace to the neckline at $244 before we enter.
The price target is technical resistance at $309, however you could exit half at the double top resistance near $275, then using a trailing stop the rest of the way up.
Note: There is a high probability that price could trade down to $236 first to fill the gap and tag the 200 MA before reversing and trading to the upside. This is perfectly fine as far as long as the $236 level remains intact and price does not trade below it.
Thanks everyone and best of luck!
Here is an educational post about the W-V pattern.
As of right now the W-V pattern is not fully formed and we are waiting for price to retrace to the neckline at $244 before we enter.
The price target is technical resistance at $309, however you could exit half at the double top resistance near $275, then using a trailing stop the rest of the way up.
Note: There is a high probability that price could trade down to $236 first to fill the gap and tag the 200 MA before reversing and trading to the upside. This is perfectly fine as far as long as the $236 level remains intact and price does not trade below it.
Thanks everyone and best of luck!