I'm not usually one to get overly hyped about overly traded charts, but setup $LITE is honestly hard to ignore.
The structure is starting to look like a massive inverted head and shoulders pattern forming on the larger timeframe, and the price is slowly creeping back towards the neckline area again. That zone around the breakout level has become super crucial now.
What's catching the eye is the long duration it took to build this entire structure. Major reversal patterns that take months to form usually don’t result in small moves once momentum returns. The longer the compression lasts, the stronger the expansion tends to be.
However, I prefer to wait for confirmation of a breakout above the neckline before I act decisively. Stability and a clean breakout from here could open the path towards the larger resistance zone highlighted on the chart.
If the bulls keep holding the reins, $LITE could become one of the strongest long-term reversal setups as we enter the next phase.
Click below to execute the trade.
The structure is starting to look like a massive inverted head and shoulders pattern forming on the larger timeframe, and the price is slowly creeping back towards the neckline area again. That zone around the breakout level has become super crucial now.
What's catching the eye is the long duration it took to build this entire structure. Major reversal patterns that take months to form usually don’t result in small moves once momentum returns. The longer the compression lasts, the stronger the expansion tends to be.
However, I prefer to wait for confirmation of a breakout above the neckline before I act decisively. Stability and a clean breakout from here could open the path towards the larger resistance zone highlighted on the chart.
If the bulls keep holding the reins, $LITE could become one of the strongest long-term reversal setups as we enter the next phase.
Click below to execute the trade.