HELLO ALL AND GOOD MORNING TO EVERYONE.
In the previous update the possibility of a rising triangle was discussed with the 5 points that needed to occur in order for the pattern to be validated. Recent development might have revealed that this was most likely a trap for bulls tracking the pattern. The deviation from the triangle resulted in an early break of the resistance and consequently failure to follow through. The outcome of this price action has left us with a rising channel with a bearish divergence on the daily time frame.
4H chart Fibonacci retrace and anticipated measured move from the channel is pointing to the 0.786 level.
Even though the Lower Time Frames are suggesting a move to the downside, the Weekly chart seems to be getting ready to reverse in a major way according to the Heiken Ashi chart.
Not trade or financial advice.
In the previous update the possibility of a rising triangle was discussed with the 5 points that needed to occur in order for the pattern to be validated. Recent development might have revealed that this was most likely a trap for bulls tracking the pattern. The deviation from the triangle resulted in an early break of the resistance and consequently failure to follow through. The outcome of this price action has left us with a rising channel with a bearish divergence on the daily time frame.
4H chart Fibonacci retrace and anticipated measured move from the channel is pointing to the 0.786 level.
Even though the Lower Time Frames are suggesting a move to the downside, the Weekly chart seems to be getting ready to reverse in a major way according to the Heiken Ashi chart.
Not trade or financial advice.
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.
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.