A breakout calls.
BULLISH PENNANT TRIANGLE
A rejection wick which started the formation of the flag as the volume decreased. Consolidation continue between the 0.5 fib and 0.786fib ad the completion of the triangle is being held down by a strong resistance level. A breakout has been made but need to confirm that this breakout will hold and price will move up, price need to close out the flag for this confirmation.
79% of the time volume descreases downward to the right indicating that the triangle is almost completed. Same goes to the volume, a breakout just occurred. as well.
THE CLOUD SET UP USDING THE DEFAULT SETTING
BULLISH SET UP
Kumo twist. the cloud truning to green, the KIJUN ( red line) serving as a support level as price has bounced on it, (kumo bounce) and has moved up currently maintaining another support level on the blue line.
Price is currently inside the cloud and consolidating. the flat cloud(resistance) most time push price down and in most cases price breaks out through it causing a trade called KUMO BREAKOUT AND EDGE TO EDGE. AS SHOWN BELOW
And lastly using the fractals and the normal RESISTANCE AND SUPPORT LEVEL
THE 1 2 3 4 trade, the pull back is always number 3 and the next leg is 4 which is will breakout of the resistance line aiming for the green rectangular zone, if broken the red and the blue zone will be the targets.
Technicals suggest that all signals are bullish but will likely consolidate a little before the targets will be reached.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.