Monaco (MCO): A Change in Trend from Down to Up

SUMMARY

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Here is a beautiful sequence of pattern fractals! The white and blue symmetrical triangles are not exact but similar and the breakout even for the white fractal changed the trend from down to up (white circle). The blue circle also represents a strong potential in changing the intermediate trend from down to up as well.

If the breakout in the blue circle represents wave 1 of a new impulse; then likely the next week or so will be spent on a blue wave 2 correction. It's quite picturesque to also see the MACD fractals mirroring the price pattern! IF there is a genuine trend change of the intermediate degree of trend; then wave 2 must be followed by wave 3 up.

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