1 week chart's descending triangle pattern reaching apex

20 Nis 2018

Here on the 1 week chart you can see the descending triangle pattern we have been forming since the all time high in December...I have illustrated the triangle with lavender trendlines. You can also see that are current weekly candle(which closes this sunday night) has currently broken above the triangle and will likely close above it as long as the price action can maintain itself above 7400. After the recent break above the bull flag on the 4hr chart, and the current support lines blocking that price action from dipping back into the bull flag which will most likely confirm that breakout, odds are very good that we will close this weekly candle above the weekly descending triangle. I'm not entirely sure on the weekly timeframe if you need an entire follow up 1 week candle to confirm the pattern breakout because I normally am looking mroe at the 4hr and 1 day charts...it may take an additional 1 week candle to confirm the breakout or it may only take a few 4hr candles after the current 1 week candles close...not entirely sure yet. We can see that the current resistance for the price action is the 1 week Tline(in yellow). I believe if we can simply keep retesting this line until wwe break above it and flip it from resistance to support. Then at that point a bullish breakout of this weekly descending triangle is almost a certainty, and the projected breakout target of that is massive at around 1880 shown here with the dotted lavender trendline. If we confirm the 1day bull flag breakout which is a very high probability, then the projected breakout target of that will certainly allow us to flip the 1 week t line from resistance to support...we also have still yet to reach the initial falling wedge bullish breakout target(from way back at the beginning of April) of the 9400 range, so even just finally reaching that breakout target will allow us to flip the 1 week Tline from resistance to support, but we will also liekly have the momentum of the current 1day bullflag breakout to go with it and then eventually we will have the bullish breakout of the Adam and Eve double bottom which it's target once it breaks the neckline is noted here on the dotted white vertical line at around 16600s. Overall it really is a perfect storm of bullish breakout targets and I'm confident we will see a very Bullish 2nd quarter and likely a new all time high between May-Early July and possibly as early as May 7th-9th based on my fractal analysis of the adam and eve from september 15th of last year. Of course, with fractals they always have slight nuances and differences between them like identical twins do so there it's more likely that it wont be exactly 3months in between the first bottom of the double bottom and the all time high but it would be very fascinating to me if it did happen like that. Anyways this is of course only my thoughts and not meant to be taken as financial advice for I am not a financial advisor...yo choose your own path...Happy 4/20 good luck and thanks for reading!