Broadening formation lower low nailed, now back into the range.
After monitoring the large broadening formation for several months and waiting for the lower low to come in (see previous charts), the target was hit in the recent sell off. This also coincided with the long awaited re-test of the yearly pivot- and price closed the year within 250 points of it.
After a strong sell off that passed the pivot and lower trend line we are back into the range and therefore we could run to another higher high to the upper trend line- everyone is super bearish and expecting a crash so there are lots of stops to take out on the upside.
Volume profile shows the thin volume below 23300 that enabled the quick sell off down to the 21800-22000 area. Strong support at the 21000 area where the other node lies, i'd be surprised if that doesn't get tested in 2019 at some point.
New yearly pivots are here and i'll be posting some charts with my thoughts.
Happy New Year everyone.
After a strong sell off that passed the pivot and lower trend line we are back into the range and therefore we could run to another higher high to the upper trend line- everyone is super bearish and expecting a crash so there are lots of stops to take out on the upside.
Volume profile shows the thin volume below 23300 that enabled the quick sell off down to the 21800-22000 area. Strong support at the 21000 area where the other node lies, i'd be surprised if that doesn't get tested in 2019 at some point.
New yearly pivots are here and i'll be posting some charts with my thoughts.
Happy New Year everyone.
Note
Back into the range and another rally into the stops.
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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.