Seen this behavior before and seems very likely to me to be a Triple Bottom.
Look at October 2018 or August 2019 for recent examples. In Oct '18 we had a Triple Top which broke to the downside. Aug '19 was a Triple Bot which broke to upside.
I think it's likely we run up to that red rectangle sell zone again, may not get quite as high as this is a predictable move and smart money wants to get their sell orders filled while prices are moving UP, not trying to chase them DOWN.
If this plays out and we hit the 3rd Bottom, I would be a bit patient because I could see this playing out either way. Buy a Straddle if the IV and premium isn't a killer, or wait for the move--
I have a hard time seeing a 3rd Top sticking, more likely a brief pause and pullback before a breakout and move UP. On the contrary, it would feel to me like a 3rd retest of support that fails will be swift and brutal.
Look at October 2018 or August 2019 for recent examples. In Oct '18 we had a Triple Top which broke to the downside. Aug '19 was a Triple Bot which broke to upside.
I think it's likely we run up to that red rectangle sell zone again, may not get quite as high as this is a predictable move and smart money wants to get their sell orders filled while prices are moving UP, not trying to chase them DOWN.
If this plays out and we hit the 3rd Bottom, I would be a bit patient because I could see this playing out either way. Buy a Straddle if the IV and premium isn't a killer, or wait for the move--
I have a hard time seeing a 3rd Top sticking, more likely a brief pause and pullback before a breakout and move UP. On the contrary, it would feel to me like a 3rd retest of support that fails will be swift and brutal.