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 .
At this point WSM made a pennant and after breaking through its lines yesterday, today a shooting star has formed , 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 , 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 , 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 and after breaking through its lines yesterday, today a shooting star has formed , 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 , 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 , 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!