The big Crunch - North or South
Updated
SO it looks like we are being crunched inside a wedge with lots of key points at play.
Above is the inverse H&S neckline, which by my chart, rejected last night, and we also saw some strange indecision before we broke south with some pumpy dumpy action in the one minute chart.
Looking at our pitchfork, we are trading on the bottom line and at risk of falling through on low volume today.
Squeezing us in to a wedge above is the upper trend that we have been respecting on this current up move.
Looking at wave counts, its possible we are still in Wave 3 on the up move (with a 5 wave minor move action). This suggests further up.
I'm watching for a break of that lower fork line, and if it happens, I will enter a short.
A break above the H&S neckline and I'm getting in long.
In the meantime. It's Sunday. Roast Beef and a bottle of Chablis.
Happy trading.
Above is the inverse H&S neckline, which by my chart, rejected last night, and we also saw some strange indecision before we broke south with some pumpy dumpy action in the one minute chart.
Looking at our pitchfork, we are trading on the bottom line and at risk of falling through on low volume today.
Squeezing us in to a wedge above is the upper trend that we have been respecting on this current up move.
Looking at wave counts, its possible we are still in Wave 3 on the up move (with a 5 wave minor move action). This suggests further up.
I'm watching for a break of that lower fork line, and if it happens, I will enter a short.
A break above the H&S neckline and I'm getting in long.
In the meantime. It's Sunday. Roast Beef and a bottle of Chablis.
Happy trading.
Note
Looks like it dropped through the lower pitch line on the small timeframes and retested it twice. Low volumes still so not entering until I see a move.
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