The scenario everyone should want to see. I think we're going to hit the targets laid out in the previous post. But there's something else I'm keeping my eye on. There's a projected pattern Ive had mapped out for about 3 weeks now. So far it's playing out to a T. And I mean to a T. We had a marginal break yesterday but today it's just about back in line. I'm giving it the benefit of the doubt. There's no way for me to be that precise with the drawing so a marginal break followed by a quick recovery is good enough as far as I'm concerned. Maybe there are others that can perfect it. I would like to hear about it, If they're out there. However I really want to see follow through tomorrow.
This particular pattern is the one everyone is going to want to see because of the velocity of which we're going to reach the key target price. I've mentioned this number before and I would remember it if I were you. This one is the grand Daddy. I'm going to call the target around 345 ish. Too hard to give an exact number. We have a downsloping line. If we could reach this upper resistance line and break above it quickly, which is what this specific pattern projects, then we will have officially broken out of our long term downtrend. As far as I'm concerned it would be indicating a new CNC bull market. If someone held a gun to my head and wanted a timeline, after looking at the chart I would say some time between mid March and April.
As always, there are never guarantees here. That's not possible being that the biggest obstacles could be general market sentiment, underwhelming CNC news, commodity weakness etc etc. Too bad they couldn't make it easy for us. Then we would all become billionaires. The best we could do is spot trends in advance and take advantage. GLTA