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Strategies & Market Trends : TRIPLE TRADES
OPEN 6.555-0.1%Nov 7 9:30 AM EST
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To: Fiscally Conservative who wrote (345)1/15/2021 11:15:10 PM
From: Bull RidaH   of 4397
 
COOP - 2 major patterns have been in play on this 1 the past 7 years. First is the symmetrical triangle beginning in 2014. The breakdown from the triangle in early 2017 through roughly 26 targeted 2.30 for a down swipe then significant reversal higher. As sometimes happens in more thinly traded securities, COOP did not slide all the way to its target, instead bottoming at 4.4. The slide into the target area is commonly known as a "bear trap", as those of a bearish persuasion find it difficult/impossible to believe the trend could reverse.

So the expectation in early 2017 when the pattern breakdown below 26 occurred, was for the stock to slide to 2.3, then reverse higher and eventually exceed the highs seen during the formation of the triangle. As the bottom was carved out between '19 & '20, the 2nd pattern was put in play, which some would refer to as a triple bottom. The term I coined for it is "fortress bottom".

Based on measurements of distances traveled during the bottom formation, and applying the fortress bottom/top formula I discovered in the late 90's and have successfully used dozens of times since, this bull rally should drive the price to just over $60 as the next top is formed. The one big hurdle to clear will be at 46.42, the 75% mark on the way to the pattern target. Roughly 1 in 4 of securities trending from such a fortress bottom/top see their advance/decline halted 75% of the way to the projected target. A tradeable decline at a minimum should arise from the 46.42 area. Thanks TD for proffering this one... it has enormous upside and the target should be met in a reasonable time frame.

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