So, someone sketched this, right?
The perfect storm of contradictory indicators just happened:
4-hour candle chart:
MACD is bearish due to the dump on april 22 at 8a.m. CET
RSI picked up quickly and is hinting a bullish crossover maybe signaling the end of correcting wave 4 and looking for RSI over 60
Daily candle chart: the opposite
MACD hints a bullish crossover to find new highs due to the 3-day rally
RSI is dangerously approaching the 20-EMA, but hasn't quite touched the dotted line yet. Still looking bearish
overall, we haven't slipped off the blue ascending channel and we may be forming a ascending broadening wedge.
If you are bullish, the formation of the rising wedge falls accordingly with the purple falling broadening wedgle, those patterns are known to usually break upwards and we could (potentially) be putting the final nail in the coffin of the purple wedge. Ascenging wedges are known to do at least three bounces off both trendlines, and they are a 50/50 coin flip in forex, but generally bullish when in a downtrend (check forexop.com/technical/ascending-broadening-wedge/) . The Bear Maginot line would be the last resistance to confirm a bull run towards 9400€/$12000, looking for confirmation of the "head retest" of the big head and shoulders of february's dip.
If you're bearish we could do one further dip towards the "Bull maginot line" wich connects the most recent steep bottoms of the overall trend, but be careful because the confluence of patterns signals a bull run.
please, if you spot something blatantly wrong, be sure to comment and correct me. I'm just learning here with you guys!
Good luck fellow traders
4-hour candle chart:
MACD is bearish due to the dump on april 22 at 8a.m. CET
RSI picked up quickly and is hinting a bullish crossover maybe signaling the end of correcting wave 4 and looking for RSI over 60
Daily candle chart: the opposite
MACD hints a bullish crossover to find new highs due to the 3-day rally
RSI is dangerously approaching the 20-EMA, but hasn't quite touched the dotted line yet. Still looking bearish
overall, we haven't slipped off the blue ascending channel and we may be forming a ascending broadening wedge.
If you are bullish, the formation of the rising wedge falls accordingly with the purple falling broadening wedgle, those patterns are known to usually break upwards and we could (potentially) be putting the final nail in the coffin of the purple wedge. Ascenging wedges are known to do at least three bounces off both trendlines, and they are a 50/50 coin flip in forex, but generally bullish when in a downtrend (check forexop.com/technical/ascending-broadening-wedge/) . The Bear Maginot line would be the last resistance to confirm a bull run towards 9400€/$12000, looking for confirmation of the "head retest" of the big head and shoulders of february's dip.
If you're bearish we could do one further dip towards the "Bull maginot line" wich connects the most recent steep bottoms of the overall trend, but be careful because the confluence of patterns signals a bull run.
please, if you spot something blatantly wrong, be sure to comment and correct me. I'm just learning here with you guys!
Good luck fellow traders
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