BVT confirmed a cycle low on 31 May, however this low did not fail (did not go lower than 3 March). Looking at the RSI we can see it close to being overbought while on the chart we see price arriving at the median of the Pitchfork, these are conditions where price makes an early top or Half Cycle High before turning downwards & go decisively lower than 31 May price.
A swing high confirmation with rejection at the median line would be a good entry point for a short position.
A swing high confirmation with rejection at the median line would be a good entry point for a short position.
Trade closed: stop reached
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.