LoopringLong
LRC - Bottom of breakout reached!?
LRC broke out of its downtrend channel / bullflag. I expected it to trade to higher prices earlier but instead it continued to drop. To define the bottom I always use Fibonacci retracement levels.
The bottom of the flag bounced exactly on the 0.618 of the bigger fibo retracement. After the breakout, the price of $2.44 also seems to bounce on the 0.618 if you'd draw a fibo retracement from the bottom of the flag to the top of the trend reversal. I didn't draw these lines for this published idea as the chart becomes too confusing otherwise, but if you'd like to try you yourself, you can draw it from $2.158 to $2.893. You'll see that the 0.618 (which is normally the end of the retracement) is then drawn on $2.44
So, combining that with the crooked trendline, I believe that from there to price cant do much but bounce and trade back to higher levels. My target you can see in the chart. Hope this idea is helpful for educational purposes.
#notfinancialadvice
The bottom of the flag bounced exactly on the 0.618 of the bigger fibo retracement. After the breakout, the price of $2.44 also seems to bounce on the 0.618 if you'd draw a fibo retracement from the bottom of the flag to the top of the trend reversal. I didn't draw these lines for this published idea as the chart becomes too confusing otherwise, but if you'd like to try you yourself, you can draw it from $2.158 to $2.893. You'll see that the 0.618 (which is normally the end of the retracement) is then drawn on $2.44
So, combining that with the crooked trendline, I believe that from there to price cant do much but bounce and trade back to higher levels. My target you can see in the chart. Hope this idea is helpful for educational purposes.
#notfinancialadvice
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