The 2-day close basis with ATR yielding an 0.80$ box size, slightly skews the point and figure chart.

Also added distance from 10 period moving average (remember on PnF charts, it’s not actual days). Clear channels observable, now approaching the lower boundary of current one.

Notice the breakout neckline is now extends all the way to 2011 highs. Clearly another view point helps spot the critical area that must be overcome.

If that arc is to be valid, then the supporting 10 period moving average is also angling upwards and right below the price action. When most fear, this is an area of important support.

Song remains the same. 48$ target once take-off line is breached.

5 3 votes
Article Rating
Notify of
Would love your thoughts, please comment.x