Determining when and where a range has occurred is one of the easiest price patterns to observe: choppy, sideways, and goes nowhere. Once a range bound market has been determined, via Elliottwave analysis or simply observing sideways price action, you can use the tools and methods highlighted in this video blog post to help determine potential breakout targets! The equal legs (100% extension) price measurement tool has many uses, and in this case, it can define a very logical and technical price target for a potential market move (once the market has committed to one direction or the other).
CL – 240 min Chart, Price Targets for Range Breakouts in Crude Oil
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