Descending wedge pattern
So guys where are we now
Are we currently in a neutral zone
Seems like the area is a pivitol area for a make or Break moment
The price is linguring and a temporary a support has been established so what do we see in terms of indicators
1.we know we are in a box range with the rsi being overbiught but the sideways consolidation releaved some of the overbought conditions creating space for a possible break out.
2. The ichimoku cloud is acting as a support for a possible break also to the upside the cloud is think on the 1h time frame.
3. We seeing a descending wedge forming another bullish breakout pattern.
Could also be seen as a bullish pendant
4. We are below the resistance level making a trade entry not a good idea right now
5. Even though we don't look at the adx in a box, range we are at a important point so we can look to see if the bullish short term rally has lost any power and the adx is saying no.
So indications is well we can still see a breakout above 41000 that seem to be the key area for further upswing.
6 the macd is show a bearish cross over on the 4h time frame
Which contradicts the adx so let's see not sure which one is more realiable at this point
7. Cot report shows that the amount of sellers in. The market is leading by about 1000 in the overall count of commercial a d none commercial traders.
SO WHAT DO WE DO GUYS
in this case we wait it out
The info is to mixed to trade
The final wave on elloit wave pattern
The box range
And the corrective rally all point to further down swing
The descending triangle
The temporary support
The ichimoku cloud all point to further up swing
This is truly the moment to wait the battle is tight.
Are we currently in a neutral zone
Seems like the area is a pivitol area for a make or Break moment
The price is linguring and a temporary a support has been established so what do we see in terms of indicators
1.we know we are in a box range with the rsi being overbiught but the sideways consolidation releaved some of the overbought conditions creating space for a possible break out.
2. The ichimoku cloud is acting as a support for a possible break also to the upside the cloud is think on the 1h time frame.
3. We seeing a descending wedge forming another bullish breakout pattern.
Could also be seen as a bullish pendant
4. We are below the resistance level making a trade entry not a good idea right now
5. Even though we don't look at the adx in a box, range we are at a important point so we can look to see if the bullish short term rally has lost any power and the adx is saying no.
So indications is well we can still see a breakout above 41000 that seem to be the key area for further upswing.
6 the macd is show a bearish cross over on the 4h time frame
Which contradicts the adx so let's see not sure which one is more realiable at this point
7. Cot report shows that the amount of sellers in. The market is leading by about 1000 in the overall count of commercial a d none commercial traders.
SO WHAT DO WE DO GUYS
in this case we wait it out
The info is to mixed to trade
The final wave on elloit wave pattern
The box range
And the corrective rally all point to further down swing
The descending triangle
The temporary support
The ichimoku cloud all point to further up swing
This is truly the moment to wait the battle is tight.
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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.
Related publications
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.