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By far, the most prevalent bullish setup that I have been seeing over the past few days has been the cup and handle formation. Essentially, the pattern revolves around a well-defined line of resistance, with plenty of time to shake weak hands out before eventually propelling much higher. Simply put, it is a bullish continuation pattern. We are looking for a smooth, “U-shaped’ cup with strong buyers presenting themselves in a meaningful way on the right side of the cup and the right side of the handle. Also, the handle should not take too long to form.
Consistent with the theme of the precious metals performing admirably, two of their charts are presented below, along with near field communications semiconductor, NXPI. They should all illustrate a basic cup and handle setup.
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I might add that GMXR has a cup and handle pattern as well.
Looks like inverted h&s confirmed upside break on weekly to me.
Check out the possible inverted H&S on EMC…developing.
nice–needs to hold right here
Great post Chess!!!!—-I guess that answers my question to some degree about IBD patterns—which i consider as important tools in my trading tool box!!
If I carry on for the next three quarters like I have this last one in the 12631 room I’ll have a six digit income on the markets for my first time. THANK YOU SOOOO MUCH!!! I should have wrote that in the PPT but I was too shy : ( sorry.
😉
Thanks chess! I’ve been seeing that too. And I’m very happy that you are confirming it.
looks good–as usual, we need confirmation
Take a look at FXE on the weekly if you want a big cup and handle. Bodes ill for USD.
beast
CHESS , YOU ARE IN THE ZONE
AND WE ARE IN THE MONEY THANKS TO YOU!!!
🙂
In a competition of Men, I would root for Chess all day!!
Indeed