$Broadcom(AVGO)$ For those that celebrate, AVGO reports earnings this week 🤔
AVGO - daily chart analysis 💛
My target for this chart is 🎯180 👀
I’ve seen this pattern for so many years I call it the “Tim Hardaway” for those that remember 🏀, Tim invented the “Killer Crossover.” You see the crossover in basketball is mainly psychological 🧠. The entire trick is to start in one direction with a power dribble and first step, after a bounce or two you cross completely into the other direction… the defender starts to make up ground quickly thinking - this guy thinks he can run around me in this side - so the defender over commits to the “false direction” - then you cross again to on,y end up in the direction you were originally going in, by that time the defender is too over committed and u can finally break around him
This is the same in psychology in trading. The “Ascending Triangle Pattern” (Google it) creates a well defined area of support where investors and traders feel safe to leave their stops. Then Tim Hardaway crosses everyone over and they sell positions or trigger stops - they over react or “over commit” to only watch once they did that for everyone to go around them back in the preceding trend or original direction
Here we have the well defined upper line in yellow as u can see highlighted by all the touches with blue arrows. We had the false breakdown out of the ascending triangle and then a breakout of it, and often when that happens u get a retest of the breakout area to then resume higher. I believe that is where we are now 😘
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