TLM has been respecting an upward channel for weeks.
Market formed a head and shoulder and fell through to break the neckline(previous resistance turned support).
We can see a clear wedge forming on the Support Trendline.
I am 70% in for a Long position and 30% in for a short.
I have two things to bear in mind.
• Either the market breaks and retest the wedge to the downside and touches the HTF keybzone before pushing back up
OR
• The market breaks and retest the wedge to the upside and moves to the neckline and possibly break through.
All we have to do now is wait for the market to react.
The TP1 will be the neckline and for the TP2, we will be looking at the zone in the right shoulder.
Market formed a head and shoulder and fell through to break the neckline(previous resistance turned support).
We can see a clear wedge forming on the Support Trendline.
I am 70% in for a Long position and 30% in for a short.
I have two things to bear in mind.
• Either the market breaks and retest the wedge to the downside and touches the HTF keybzone before pushing back up
OR
• The market breaks and retest the wedge to the upside and moves to the neckline and possibly break through.
All we have to do now is wait for the market to react.
The TP1 will be the neckline and for the TP2, we will be looking at the zone in the right shoulder.
