PG - it doesn't look like a great C&H to me. That
handle is pretty messy. Also, volume should be low/declining
on the way to the bottom of the cup and increase as price climbs.
I see a bearish rising wedge with negative divergence on
MACD and RSI. And that is one ugly candle today, with volume.
On the flip side, it does share a slight similarity to the
pattern that played out last Mar - Jun before starting a strong run
up. That said, everything was rocketing higher last spring
and the current environment is much different. If it were me
(relatively conservative), I'd be looking for a stronger setup.
Posted by foody518 on 27th of May 2021 at 05:15 pm
Thanks for this input! The tentative idea was that if today's
large red handle starts another U or V shape that does not drop as
low as the last one did, leading to another shot at a horizontal
breakout. It is definitely messy though.
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PG - how would y'all
Posted by foody518 on 27th of May 2021 at 04:02 pm
PG - how would y'all read this? Is the cup's handle about to form a mini handle?
PG - it doesn't look
Posted by rjdst on 27th of May 2021 at 04:22 pm
PG - it doesn't look like a great C&H to me. That handle is pretty messy. Also, volume should be low/declining on the way to the bottom of the cup and increase as price climbs. I see a bearish rising wedge with negative divergence on MACD and RSI. And that is one ugly candle today, with volume.
On the flip side, it does share a slight similarity to the pattern that played out last Mar - Jun before starting a strong run up. That said, everything was rocketing higher last spring and the current environment is much different. If it were me (relatively conservative), I'd be looking for a stronger setup.
Thanks for this input! The
Posted by foody518 on 27th of May 2021 at 05:15 pm
Thanks for this input! The tentative idea was that if today's large red handle starts another U or V shape that does not drop as low as the last one did, leading to another shot at a horizontal breakout. It is definitely messy though.