ADAUSD Falling Wedge
It seems our previous short term [I]Cup and Handle[/I] analysis was invalidated by the extended handle. Scythe patterns popular on tradingview (a modified cup and handle) may be of interest, but I digress.
A falling wedge remains a possible analysis here considering the consolidation formation after are our last big correction.
I am not likely to bias bearish on a [I]head and shoulders[/I] analysis, considering the excessively narrow shoulders. We have not seen the big voluminous buy rallies and failures typical of the head and shoulders pattern.
The shoulders seem too narrow. The sense of bullish failure, prompted by tripartite failures to reach breakout -despite having nearly enough momentum, is a strong emotional experience. The ADA bulls have not tasted true defeat in that sense.
It is possible they may yet.
Please manage risk accordingly!
A falling wedge remains a possible analysis here considering the consolidation formation after are our last big correction.
I am not likely to bias bearish on a [I]head and shoulders[/I] analysis, considering the excessively narrow shoulders. We have not seen the big voluminous buy rallies and failures typical of the head and shoulders pattern.
The shoulders seem too narrow. The sense of bullish failure, prompted by tripartite failures to reach breakout -despite having nearly enough momentum, is a strong emotional experience. The ADA bulls have not tasted true defeat in that sense.
It is possible they may yet.
Please manage risk accordingly!
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