INNT is now in the consolidation phase of the Big W pattern. This phase generally creates a triangle pattern, usually a symmetrical triangle, although a descending wedge is also possible. The symmetrical triangle formed by INNT is almost at its exit point. Once that happens, expect a sharp jump up, at minimum 20% today. Unfortunately, that jump up creates an even bigger symmetrical triangle, and I can't see which direction it will take without more information about the celiac disease treatment they have in the works. This might only be a setup for those that can intra-day trade, because if the bigger triangle breaks downwards the drop will be sharp and all gains from the day will be lost.
Comment:
Spoke too soon, we've just created our Adam bottom, next up is a few hours of sideways triangle action followed by the jump up, the target remains, although it's up in the air whether we'll hit it today or tomorrow.
Trade closed: stop reached:
H and Shoulders has formed in place of the big W pattern and is now forming a bear flag.
Trade active:
I've had a change of mind. I'm back in with an extremely tight stop loss set. I think the pattern will still complete, and we are now in the triangle of the Big W. Target still stands.
Comment:
Bullish divergence gives me added confidence to go back in.
