We have a descending broadening wedge forming since mid 2019, after the 2019 peak, and we have just broken out of it.
This is a bullish reversal pattern.
The break in the resistance line definitively validates the pattern.
The price objective is determined by the highest point at which the descending broadening wedge was formed.
Often, the steeper the descending broadening wedge’s trend lines, the faster the price objective is reached.
If the theory is right, we could be at 20,495 usd price level soon. However, do not forget about the CME gaps to the downside. Be careful.
Kind regards!
This is a bullish reversal pattern.
The break in the resistance line definitively validates the pattern.
The price objective is determined by the highest point at which the descending broadening wedge was formed.
Often, the steeper the descending broadening wedge’s trend lines, the faster the price objective is reached.
If the theory is right, we could be at 20,495 usd price level soon. However, do not forget about the CME gaps to the downside. Be careful.
Kind regards!