First, highs remain around same area, and lows are getting higher and higher, as we progress forward, so we would have an ascending triangle formation if we cared to draw.
NU finally climbing to previous highs, which could be around $0.28, $0.35 - $0.42 - any one of these points may trigger a handle formation. at which point we SHOULD see a short reversal - you can target this with FIB retrace, and plan for roughly 50% if it does go this way.
And prepare for rocketships, to the 2.168 lol
Commento
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I believe we should see one more wave upwards - we should hit from 0.36 to 0.40 before turning around (this could be off by a few cents). If this happens, the retrace should be equal to a 50% retrace using a fibonacci retrace tool, which I will draw later if this does come true.
@pedromcarrancho, sorry - I don't know why I said that, let me get you an actual number lol.
Shwayze
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@pedromcarrancho, Also - this pattern HAS to play out for that prior number to even make sense. I thnk we have 1 more wave up to make the cup, and if not - this pattern will be irrelevant.
We should see an increase to up to 0.40 - at which point we should have a short reversal - this would technically be a handle, and if this is true - it will shoot up from there.
Once it reaches the lip of the cup, the top part, or the ATH, then that is where we measure from for the length of the bull run. It should be equal to the length of the depth of the cup itself, from bottom to top of cup.
I redrew pattern, as that was sloppy.
Shwayze
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And target would then be the height of the cup, above the cup.
EuanAP
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@Shwayze, how long do you think it will take to form the handle? will it bounce straight from .27 or will it settle there for a bit
Shwayze
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@EuanAP, Apparently the market is overly bullish, and many Technical Analysis don't work well when in Price Discovery! Boom that is a big price jump!
Shwayze
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@EuanAP, I think I will have to edit how I chart until May, and put in some logarithmic gains.