20 SMA - Blue
200 SMA - Pink
How I see it:
1) Firstly, have a look on your Daily TF.
A Beautiful Inside Bar-Inverse Hammer. The first sign.
Price can make a few of these bullish DAILY candlesticks which indicates a reversal is nearing.
Also take in consideration if fear driven net liquidity outflows,
profit taking and short selling continues no bullish indication will be respected.
Back to 8HR TF:
2) Price reached 78.60% FIB Retracement @ 52500
3) Also very clear is severe RSI divergence indicating price is currently in
oversold territory.
4) Should price get back into the channel and hold, a fake out and bullish reversal scenario is
possible for the short term.
We will have to see new " HIGHER HIGH "holding patterns first of all before
any bullish decisions can be made.
200 SMA - Pink
How I see it:
1) Firstly, have a look on your Daily TF.
A Beautiful Inside Bar-Inverse Hammer. The first sign.
Price can make a few of these bullish DAILY candlesticks which indicates a reversal is nearing.
Also take in consideration if fear driven net liquidity outflows,
profit taking and short selling continues no bullish indication will be respected.
Back to 8HR TF:
2) Price reached 78.60% FIB Retracement @ 52500
3) Also very clear is severe RSI divergence indicating price is currently in
oversold territory.
4) Should price get back into the channel and hold, a fake out and bullish reversal scenario is
possible for the short term.
We will have to see new " HIGHER HIGH "holding patterns first of all before
any bullish decisions can be made.
Note
The bullish indications did hold so far for the short term.Some liquidity was hunted at the bottom and at the top of the channel.
The channel will be removed from here on end. I know you get the picture.
Today is CPI, we'll have to see what happens next.
Thank you for your time to read, boost and / or follow thus far.
I deeply appreciate it.
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.