Current bull patterns to watch

11 avr. 2022This current purple bullflag…of which probability is increasing that it will at least do a breakdown fakeout and send a wick to retest the top trendline of the wedge we just broke out of as new support(in teal). I’m thinking it could occur where the brown trendline intersects the teal one or possibly where the pink one intersects the teal one. The pink and brown trendline are both trendline of two different rising channels we are in in the larger time frame charts each at a slightly different trajectory but more or less overlapping each other. If we confirm the teal trendline as support on any sort of retest then the target for the wedge breakout is 72k. This could take a very long time (weeks to months) or no time at all(days). Wedges seem to hit their targets on their own schedule. As long as we maintain our bullish higher high / higher low pattern on the macro chart it should hit the full target. If we start closing weekly candles below the pink trendline then we will likely form a lower low and confirm the bear market. For now bull market is not yet cancelled. Will leave this idea neutral until it decides what to do with the bottom of the channels and the top trendline of the wedge. Currently 1day 50ma is support. If somehow the 1 day 50ma holds support we could just bust right out of this purple bullflag but its looking more and more likely we could at least temporarily lose 1day 50ma support for a few 1 day candles.