APT - Falling Wedge/Bull Flag
APT is in a very bullish pattern . We will analyze two situations in which APT could move.
If we are in a falling wedge , then price will most likely fall to the bottom of our wedge /next demand zone . We can see how important old highs are for APT market structure. We can see the first resistance (red circle) become our new macro support (green circle) around $10. This was also in confluence with our 0.618. Therefore, if we get one more leg down we would look for that structure to be built around $7.70-$8.85.
If this is a bull flag then we would want to see a confirmation close above our resistance trendline. Then we would see the rally continue or get one more retest to the trendline flipping old resistance into new support. If we do breakout of a bull flag then our target could be anywhere from $21-37 depending on how you measure the flag pole.
In conclusion, it is not quite time to look for longs yet, but it is clear where you look for buy entries. Will you keep you updated as time plays out.
If we are in a falling wedge , then price will most likely fall to the bottom of our wedge /next demand zone . We can see how important old highs are for APT market structure. We can see the first resistance (red circle) become our new macro support (green circle) around $10. This was also in confluence with our 0.618. Therefore, if we get one more leg down we would look for that structure to be built around $7.70-$8.85.
If this is a bull flag then we would want to see a confirmation close above our resistance trendline. Then we would see the rally continue or get one more retest to the trendline flipping old resistance into new support. If we do breakout of a bull flag then our target could be anywhere from $21-37 depending on how you measure the flag pole.
In conclusion, it is not quite time to look for longs yet, but it is clear where you look for buy entries. Will you keep you updated as time plays out.
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