GOOG is consolidating and preparing for a major move
It's in a rare diamond pattern and also a symmetrical triangle, maintaining consolidation within it for months. The breakout from this pattern is expected to be significant and rapid, either with a surge or a sharp drop, involving a considerable percentage change.
Three days ago, there have been attempts to break out with increased volume. However, the trendline appears robust, promptly rejecting any advances. It seems like a substantial catalyst is needed to break out of this pattern.
In my assessment, there is a 55% chance of a breakdown and a 45% chance of an upward breakout. This conclusion is drawn from its current position, situated below all major moving averages except the 200-day.
Regardless of the direction, a long or short trigger could be highly useful and powerful, offering a potential opportunity for easy profits.
Three days ago, there have been attempts to break out with increased volume. However, the trendline appears robust, promptly rejecting any advances. It seems like a substantial catalyst is needed to break out of this pattern.
In my assessment, there is a 55% chance of a breakdown and a 45% chance of an upward breakout. This conclusion is drawn from its current position, situated below all major moving averages except the 200-day.
Regardless of the direction, a long or short trigger could be highly useful and powerful, offering a potential opportunity for easy profits.
Comment:
Damn still in a triangle. Move will be epic I would say.
Consistency is the key of success....
I would wait to break a minor trend line that connects shadows. In our case, today's lows must be broken on a 5-minute chart for me to enter short.