Mystery Chart 03-27-2019

JC Parets
March 27, 2019

From the desk of Tom Bruni @BruniCharting

New Mystery Chart!

For those new to the exercise, we take a chart of interest and eliminate the x and y-axes and and all labels eliminated to minimize bias. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. It can even be inverted or a custom index.

The point here is to not guess what it is, but instead to think about what you would do right now. Buy, Sell, or Do Nothing?

I don't know about you all, but I see a clear transition from downtrend, to sideways, and now an uptrend. This reversal was sparked by a move below support that quickly reversed and propelled prices above a major downtrend line. Prices have since based and formed the right shoulder of an "Inverse Head & Shoulders" pattern and are now breaking the neckline.

Click on chart to enlarge view.

To me the reward/risk is well-defined on the long side, but let me know what you'd do here.

Tweet me @BruniCharting or email bruni@allstarcharts.com and check back in Thursday to find out why this chart is relevant to me.

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