Overnight the Guppy has been crawling along Senkou Span-A (this is from the Ichimoku Kinko Hyo study: the bottom of the cloud, in this case) and bottoming at .382 fib retracement of yesterday’s low/high @ 143.25, creating a descending triangle of sorts hoisted up several hundred pips from the reaction low set at ~139 yesterday.
Last afternoon’s 1400-1500 candles (1400 completing the morning star pattern) can be construed as a flagpole. But, a descending triangle is not the construction featured in either flags (box channel range) or pennants (symmetrical triangle).
Ignoring what may or may not be a pole, a new descending triangle has formed. With the Cloud turning down to 141.40 on the 1H, I think that’s likely as an intraday projection. Price is pushing the 143.25 threshold now, in fact Still – and this is pretty atypical – I’m wary of a continuation/upside break, which targets ~146.80 and then ~148.90 afterward.
Current positions: none.
