You know that I`m a big fan of confirmed rounded formations because they typically provide the most certain information about how long the main trend should last or when the main trend might end or is over with a high degree of certainty.
In this context, I must admit that I have rarely seen such spectacularly beautiful & harmonious bull market pictures on a combined daily, weekly and monthly base as I am about to present to you. Perhaps this harmony and beauty could only develop in peace because it could unfold naturally in a total boring sector, possibly relatively undisturbed by the tricks and distortions of the Big Money. Who knows. Today, I'd rather let the beauty of the NASDAQ listed U.S. Concrete, Inc. (USCR) charts speak for themselves than analyze too much...
Since March 2020 bear market lows the most perfect bull market cycle is unfolding on USCR charts. The price reached 12!!! successve higher monthly closings and shows a series of 12!! higher month lows. This mighty steep rally in terms of price and time follows the dark-green dashed support arrow upwards. This support is an exceptionally steep 1-year parabolic support arc. That is a sign of the best of all bull market trends that can possibly be underway. Normally, the bull run should continue at least to the classic backtest of the 2017 alltime-high (ATH) resistance horizontal, which is at 86.35$, as the MACD signal lines are far away from beeing overbought, suggesting that an unbroken, healthy bull market is likely still underway and the current April 2021 candle should actually just be caught in a small pullback cycle. And well, normally the 2017 ATH backtest should be within weeks, right?
The 86.35$ ATH resistance is the nearest most obvious uptarget for this rally!
The 1-year USCR bull market shows a masterpiece of a parabolic bull market in the weekly time frame as it PRECISELY follows and respects these 2 well-confirmed Contracting Parabolic Arcs:
Since about April 2020 the price is bullishly trapped within the dark-green dotted yearly parabolic support arc and the red-dotted yearly parabolic resistance arc, whereby the parabolic resistance is the 1:1 copy of the yearly parabolic support arc, only slightly shifted to the left and up.
After Biden elect time event towards the end of last year the bull market switched into its parabolic stage. The very last, 7th successful backtest of the dark-green dotted yearly parabolic support arc, has happened at 54.64$ March 2021 spike low. This was again a maximum successful backtest of the yearly parabolica, as the most important consequence of this 7th confirmation of the parabolic rising yearly support were fresh bull market highs one week later on March 31, which meant the 4th negative test of the parabolic arc resistance from below.
Because an unbroken and often sharp-tested trend rail is always our best friend, we definitely want to buy the next test of the yearly parabolic arc support! And for sure the parabolic support arc might be again strong enough to catapult the stock into some higher alltime-highs over the course of the coming weeks.
We are also experiencing BULLISH elliptical arc art on the USCR daily chart. This began around the Biden elect time event.
There have developed 3!! confirmed elliptical arcs which trigger the most important turns since Biden elect time event. The orange-dotted arc additionally sometimes acts as a trend accelleration rail and important backtest magnet on daily base. Cause shares are in a daily down cycle and price closed and actually trades below the orange-dotted arc – now rising future daily resistance and above all at this week highs accurately negative backtested resistance –, the price usually should head lower over the coming days only to test back the dark-green dotted elliptical support arc soon.
The dark-green dotted Biden elect support arc is 4-5 times very accurately holding month low support. Of course it also represents strong support on a yearly base. I strongly recommend to buy the likely soon necessary elliptical support as there forms triple support magnet for the coming days. Here at that dark-green dotted Biden elect support arc the final lows of the April might be printed, likely afterwards followed by a next huge rally leg.
This below is the valid weekly GUNNER24 Up Setup. It is a textbook weekly 13 Fib number up, starting at the # 1 // 2020 Bear Market Low:
March 2021 delivered the highest monthly bull market close, which is the next minor buy signal in this time frame but the two March 2021 spike highs, whch are the current bull market highs, as well as the April 2021 spike high seen this week were obviously caused by weekly 3rd double arc GUNNER24 Resistance Area, what is an important natural bull market uptarget zone out of the 13 week candle initial impulse that was triggered by the # 1 // 2020 Low support.
The past since 2020 bear market low shows that the setup worked nicely: at red rectangle the first square line offered some bigger bull market resistance. The very accurate and some weeks long backtesting cycle of the in the past finally upward broken Blue Arc is highlighed by the blue oval. Some backtesting of upper line of 1st I`ve highlighted with the dark-green oval. There additionally was important weekly spike top triggered by an ITL (important time line) and prior overall resistance energy of the 2nd GUNNER24 Double Arc. Here at the current cycle highs and bull market highs the 3rd double arc radiates kind of main resistance of course.
Consequently, the main support at approx. 60$ to a 58$ could be approached and tested again in the course of the coming trading days:
There unites:
1. The rising yearly dark-green dotted elliptical arc support, as analyzed with the help of the second picture.
2. The identified rising daily Biden elect elliptical arc support.
3. And last but not least, on the weekly chart above and with the help of the weekly 13 Candle up we are able to idientify there should be a natural future weekly GUNNER24 Horizontal out of the highest price of the now finally overcome highest price of the upper line of 2nd double arc.
Means for the next few trading days there is a combined yearly & weekly & daily support magnet at 60$ to 58$! This is the most-perfect nearest long-entry opportunity, IMHO!
==> The backtest of the 2017 ATH main resistance upmagnet looks like a no brainer uptarget for the likely still running rally cycle and has a darn good chance to be hit sometime within next 4 to 6 weeks.
If you want to mirror my long-idea, please set a Stop-Loss (SL) at around 55$.
Be prepared!
Eduard Altmann