Whats the probability for week 4, lets's go with Bear
So for this week, we have ourselves a falling star, at the top of a decent rally. Typically the bigger the rally and the sharper the rally angle the higher the probability will be for the reversal or retracement. The volume while less than last week, can still be considered high. The OBV has faltered so we can at least expect some volatility over the coming weeks. For this week the evidence suggests a higher probability of the Bears
Moving down into the Day chart, Monday was inactive, Tuesday was a trigger to continue the Bull rally, Wednesday stalled, and Thursday produced a Bear candle, which is an early falter for any Bull rally continuation. Friday eroded all of the week's gains and it closed below Monday's open. This is a powerful close as it states the beginning of volatility or a full-blown retracement. The week I lean toward the Bears but with caution. I will study the 30min chart in search of a price action trigger.
This information created and published by me on TradingView is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
So for this week, we have ourselves a falling star, at the top of a decent rally. Typically the bigger the rally and the sharper the rally angle the higher the probability will be for the reversal or retracement. The volume while less than last week, can still be considered high. The OBV has faltered so we can at least expect some volatility over the coming weeks. For this week the evidence suggests a higher probability of the Bears
Moving down into the Day chart, Monday was inactive, Tuesday was a trigger to continue the Bull rally, Wednesday stalled, and Thursday produced a Bear candle, which is an early falter for any Bull rally continuation. Friday eroded all of the week's gains and it closed below Monday's open. This is a powerful close as it states the beginning of volatility or a full-blown retracement. The week I lean toward the Bears but with caution. I will study the 30min chart in search of a price action trigger.
This information created and published by me on TradingView is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
Note
bang on 6 from 6
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.