HELLO ALL AND GOOD EVENING TO EVERYONE
I wanted to go over a larger picture of what we could be seeing unfold during this time. Possible pattern development here might be Bulkowski's descending broadening wedge, which is technically a bullish pattern. It usually ( 58% of the time ) occurs at the end of a trend and serves as a reversal. The odds are in favor of an upside break however it is not guaranteed. The best performing descending broadening wedges were found to be the ones that had a longer period - at least 6 months - leading into the patter. Another crucial aspect of this patter is rising volume. One thing to note here is the MACD and current bullish divergence that might be hinting to an early attempt up out of this pattern. With ANY trade, you place a bet and manage the trade accordingly. There are no absolutes in trading, each and every position has a 50/50 chance of playing out in your favor regardless of whatever "edge" you are using.
NOT TRADE OR FINANCIAL ADVICE.
I wanted to go over a larger picture of what we could be seeing unfold during this time. Possible pattern development here might be Bulkowski's descending broadening wedge, which is technically a bullish pattern. It usually ( 58% of the time ) occurs at the end of a trend and serves as a reversal. The odds are in favor of an upside break however it is not guaranteed. The best performing descending broadening wedges were found to be the ones that had a longer period - at least 6 months - leading into the patter. Another crucial aspect of this patter is rising volume. One thing to note here is the MACD and current bullish divergence that might be hinting to an early attempt up out of this pattern. With ANY trade, you place a bet and manage the trade accordingly. There are no absolutes in trading, each and every position has a 50/50 chance of playing out in your favor regardless of whatever "edge" you are using.
NOT TRADE OR FINANCIAL ADVICE.
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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.