WSM pennant/symmetrical triangle
After enjoying a steep uptrend from the beginning of August until the mid September and establishing a new high, WSM has come to a rest struggling to clearly break through this new resistance level [kind of similar to AAPL].
At this point WSM made a pennant[in blue] and after breaking through its lines yesterday, today a shooting star has formed [indicated with an arrow on top], suggesting a downward movement. Therefore by looking at the big picture, this can be either:
-a throwback to the pennant.*
-a second minor reversal in a symmetrical triangle [in purple], hence making the new high an upper boundary for the triangle.**
There are a few possible scenarios:
-if *, then after the throwback and breakout from the dark ellipse resistance zone [meaning the triangle figure will not be considered anymore], the price will continue with a target: $53.21
-if **, then the following minor trends of the triangle should form and later we can anticipate a breakout from BOTH directions!
At this point WSM made a pennant[in blue] and after breaking through its lines yesterday, today a shooting star has formed [indicated with an arrow on top], suggesting a downward movement. Therefore by looking at the big picture, this can be either:
-a throwback to the pennant.*
-a second minor reversal in a symmetrical triangle [in purple], hence making the new high an upper boundary for the triangle.**
There are a few possible scenarios:
-if *, then after the throwback and breakout from the dark ellipse resistance zone [meaning the triangle figure will not be considered anymore], the price will continue with a target: $53.21
-if **, then the following minor trends of the triangle should form and later we can anticipate a breakout from BOTH directions!
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