Has been a slow, low volume week with wick all over the place and together with fake moves. Seems yesterday we have seen the last trap move, since we have some real follow through for the first time. I showed a possible double bottom in the making in my channel earlier today at 7300/280 which could also turn into a descending triangle as you can see on the left. Now past hour, it is starting to look like it doesn't want to drop , so there is a chance it might still break up. Think that will only create like a right shoulder for an H&S pattern.
As you can see, i think we have an important range now, between 7280ish and 7450ish. If the right shoulder forms, price has to stay below the red zone, so max 7450. Assuming market is bearish i see these 2 options:
1), The triangle breaks down, so we simply drop from current prices
2), Triangle breaks up, makes that right shoulder with max 7450 and then breaks down
As you can see, i think we have an important range now, between 7280ish and 7450ish. If the right shoulder forms, price has to stay below the red zone, so max 7450. Assuming market is bearish i see these 2 options:
1), The triangle breaks down, so we simply drop from current prices
2), Triangle breaks up, makes that right shoulder with max 7450 and then breaks down
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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.