The above 2-week chart informs us price action has confirmed a reliable bearish pattern known as the bear-flag. The pattern is reliable in identifying price action targets as measured from the peak of price action to the first support known as the flagpole.
The flagpole is now used to measure the target from the area where price action breaks out of the upward channel. $215.
The target is especially interesting for two reasons:
1) It is the golden ratio.
2) That black line.
Is it passible price action continues to rise? Sure. Is it probable? No.
Ww
Type: trade Timeframe: 2024
Transaction en cours
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Market structure has broken sooner than expected. Unlikely the opportunity to open Put options until 2024 will continue.
On the 2-week chart below the bear flag backtests past support as resistance.
Bye bye Goldman…
2-week
Commentaire
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A 2-week Gravestone DOJI candle prints following confirmation of the bear flag.