AUDIO created huge triangle or this is a CUP & HANDLE pattern 🤔
Hello traders 🐺
as you can already saw in the title , in this idea i wanna look at the AUDIO ; because today morning i open my trading view and saw AUDIO in my watchlist ; suddenly I realised wow 🤯 this is definitely very big pattern and i should publish an idea about that .
so let's start with the weekly time frame as usual :
in the weekly chart , we can clearly see that the AUDIO created very big triangle ; also as you saw in title we can call this pattern as CUP & HANDLE pattern , or maybe you say this is W pattern 🤔 , yes you can count this pattern what ever you want but it's important to know what is the technical target of each of them ; so for better understanding I decided to explain every 3 patterns :
1_ triangle :
as you can see in the above picture , the technical target of the triangle calculate like this ; also i like to use Fibonacci extension for find better take profit areas , so you can see the technical target of the triangle based on the basic trading rules is in alignment by the 1.618 Fibonacci extension level .
2_ W pattern :
if you count this pattern as a double bottom pattern the technical target calculate like above picture , also for better understanding I don't change the Fibonacci extension tool which i used for calculate triangle target to find out convergence of the different Fibonacci levels with each other ;
so now for calculating the W pattern target , I draw Fibonacci projection . and guess what ? 1.27 of Fibonacci extension is exactly in convergence with the W pattern technical target and 1.27 Fibonacci projection 🤯 ; so if you want to trade based on this pattern wait for the break out from the W pattern neck line which is also the weekly resistance structure and close at least daily candle above this level , also you can open long position after breaking the triangle trend line , but be carful because all of the red line or boxes is the weekly structure so it's very hard for price to break throw them .
3_ CUP & HANDLE :
but about this CUP & HANDLE pattern I like do use different method to measure the price target ; as you can see in the above picture , AUDIO price comes down exactly to the 0.618 Fibonacci retracement level also at that level we have the daily support structure ( blue box ) ; so I think maybe it's better to calculate the target of the CUP & HANDLE pattern by using this important Fibonacci retracement level ( 0.618 ) ; because i think this CUP & HANDLE it's not very clear and precise . so you can calculate the target by using AB = CD pattern :
as you see in the chart above , the technical target of the CUP & HANDLE or AB = CD is in convergence with the W pattern price target .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas🐺
as you can already saw in the title , in this idea i wanna look at the AUDIO ; because today morning i open my trading view and saw AUDIO in my watchlist ; suddenly I realised wow 🤯 this is definitely very big pattern and i should publish an idea about that .
so let's start with the weekly time frame as usual :
in the weekly chart , we can clearly see that the AUDIO created very big triangle ; also as you saw in title we can call this pattern as CUP & HANDLE pattern , or maybe you say this is W pattern 🤔 , yes you can count this pattern what ever you want but it's important to know what is the technical target of each of them ; so for better understanding I decided to explain every 3 patterns :
1_ triangle :
as you can see in the above picture , the technical target of the triangle calculate like this ; also i like to use Fibonacci extension for find better take profit areas , so you can see the technical target of the triangle based on the basic trading rules is in alignment by the 1.618 Fibonacci extension level .
2_ W pattern :
if you count this pattern as a double bottom pattern the technical target calculate like above picture , also for better understanding I don't change the Fibonacci extension tool which i used for calculate triangle target to find out convergence of the different Fibonacci levels with each other ;
so now for calculating the W pattern target , I draw Fibonacci projection . and guess what ? 1.27 of Fibonacci extension is exactly in convergence with the W pattern technical target and 1.27 Fibonacci projection 🤯 ; so if you want to trade based on this pattern wait for the break out from the W pattern neck line which is also the weekly resistance structure and close at least daily candle above this level , also you can open long position after breaking the triangle trend line , but be carful because all of the red line or boxes is the weekly structure so it's very hard for price to break throw them .
3_ CUP & HANDLE :
but about this CUP & HANDLE pattern I like do use different method to measure the price target ; as you can see in the above picture , AUDIO price comes down exactly to the 0.618 Fibonacci retracement level also at that level we have the daily support structure ( blue box ) ; so I think maybe it's better to calculate the target of the CUP & HANDLE pattern by using this important Fibonacci retracement level ( 0.618 ) ; because i think this CUP & HANDLE it's not very clear and precise . so you can calculate the target by using AB = CD pattern :
as you see in the chart above , the technical target of the CUP & HANDLE or AB = CD is in convergence with the W pattern price target .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas🐺