Cindicator or CND is primed for a massive move and it looks as though it is about to start. I will start by sharing the larger outlook and then narrowing it down to our current trade.
Looking at the 4 hour chart on CND you can see the massive downward move we experienced after its high of over $.36. Since that time we have been on a 2 month bearish trend which looks to have ended on the 11th of April. Now we are experiencing a breakout to upside.
Now taking a closer look at the breakout, we can see that there was a breakout and pull back which is a good sign for upward momentum. Then we saw a massive bullish move that took us into our current pattern we are experiencing right now. As you can see from the lines I drew in yellow that the current pattern we are looking is more than likely a running flat. Now this is a continuation pattern so we should see resolution to the upside and a break of that upper resistance line.
It looks like as I am writing this we are starting to see the first break to the upside on CND as you can tell by the break of the smaller corrective pattern. Once again we saw a break and then a pull back toward the trendline and then a break that might send us all the way to the top of the resistance line. I don't think we will see a break to the downside again and retest of the support line but I could be wrong so follow with your stops and be prepared to take profit while you can because this has been a very choppy trading week. If this is another massive impulse like we saw a week ago I would toss it into a larger time frame and just wait for the break of the resistance line and stay in the trade until the pattern breaks.
I will keep you guys updated with this trade and if there is any point you should exit and take profit but right now for those of you already in it this might be a very good next couple days.
As always have a great day and an even better one trading. If you have any questions or comments leave them below and I will try to get back to you in a timely manner.