I usually do not trust forecasts made on low time frames. They are often subject to the error of a larger pattern. In other words, they are not always what they appear to us to be. That's why I mostly make charts on 4h+ charts. However, I sometimes make exceptions to this rule.
As you can see above, it seems to me that 3 intersecting patterns are forming. As for me, this is a specific kind of polymorphism. The more patterns fit the better. Each of them confirms the further course of events. Hence I conclude that further declines are ahead.
Of course, I could be wrong here, but it looks sensible to me.
This is not financial advice.
As you can see above, it seems to me that 3 intersecting patterns are forming. As for me, this is a specific kind of polymorphism. The more patterns fit the better. Each of them confirms the further course of events. Hence I conclude that further declines are ahead.
Of course, I could be wrong here, but it looks sensible to me.
This is not financial advice.
Note
So it seems that of all these patterns, the diamond and the head and shoulders worked:Note
It took some time but eventually we got a sharp downward reaction:Note
I was so focused on the bearish formations on the 15-minute chart that I missed the inverted head and shoulders forming on the 4-hour chart. That's why it's so important to check all time frames when analyzing. Lesson learned.
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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.