Someone in chat suggested this was a Diamond pattern. More specifically Diamond patterns tend to be Top or Bottom "Stoppers" ... meaning this is where the big turn in the opposite direction happens. Could drop as much as the 1.618 line, in the high 70's.
However I think it is just a deep pullback, and some sideways movement, and PA will slowly make it's way to a new high.
Over all I think it is a Long for the trade.
I had difficulty placing a diamond pattern around the whole thing, and some technical problems with exactly meeting the diamond pattern requirements.
Well as time passes we will all find out.
Good Luck trading!!
However I think it is just a deep pullback, and some sideways movement, and PA will slowly make it's way to a new high.
Over all I think it is a Long for the trade.
I had difficulty placing a diamond pattern around the whole thing, and some technical problems with exactly meeting the diamond pattern requirements.
Well as time passes we will all find out.
Good Luck trading!!
Note
Very interesting. We are definitely on our way to an interesting correction or pullback.Large timeframes are resetting, and the bull trend could continue at any moment.
How deep the correction goes is anyone's guess.
It will be the collective sentiment of traders and the exhaustion of sellers, is when this will happen.
Here's the updated screen shot.
Note
Price Action has reached the goal of the Diamond Pattern (as shown in the new screen shot). We should see PA continue a path upwards/sideways.I have an idea that there is a chance of an additional "Dip Spike" as a normal action of price is "Turning Upwards" while gaining momentum. When and where is anyone's guess, my guess is within 10 days.
That spike usually is lower than the recent low posted, however it can occur when the price has also risen considerably, (in the near future), and the spike will not reach the recent low, but will certainly try to.
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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.