The Hound is Wound

Steve Strazza
August 21, 2024

SoundHound AI $SOUN is working its way up the right-hand side of a massive rounding bottom formation.

This pattern appeared to resolve higher with authority in Q1 as SOUN rallied roughly 500% in a little over a month.

However, it has spent the last 6 months coiling in a wide-ranged symmetrical triangle pattern, right around the base breakout zone.

Price is currently sitting in a roughly 50% drawdown from the March highs, but this $5 level is a big one. It not only coincides with a critical polarity zone at the Q1 and Q2 highs from last year, but it is also where the AVWAP from the IPO comes into play.

 

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