Bearish Side
So we fell out of one rising wedge, however you can redraw it to have us still be in a larger ascending wedge if you like. Still some upward mobility there before turning to break down (if it's going to).
More importantly, no matter where this turns around (even if it already has) there will be hidden bearish divergence on the 4 hr chart. If it makes it to 7.8k there could be it on the daily as well.
Not to mention all the overhead resistances from fib retracements, log support lines turned resistance, and he ATH log resistance. Overall, the market still hasn't provided much reason to think the overall market has turned. We're still within the overall downward channel, let's not get carried away.
More importantly, no matter where this turns around (even if it already has) there will be hidden bearish divergence on the 4 hr chart. If it makes it to 7.8k there could be it on the daily as well.
Not to mention all the overhead resistances from fib retracements, log support lines turned resistance, and he ATH log resistance. Overall, the market still hasn't provided much reason to think the overall market has turned. We're still within the overall downward channel, let's not get carried away.
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