The falling wedge in yellow looks eerily similar to the prior falling wedges, with a macd moving average pattern which has also occurred before.
Alternatively, the other pattern which seems to stand out is the descending triangle. It is the teal downtrend line.
These two patterns obviously conflict, but given the current sentiment around the usd being bad, and the current sentiment about the stock market being mega bullish, I have to be contrarian and choose the falling wedge.
If this is the case then I am expecting a minimum retracement to the 618 fib, but likely the 786 as shown by the elliot wave speculation. 12345.
Alternatively, the other pattern which seems to stand out is the descending triangle. It is the teal downtrend line.
These two patterns obviously conflict, but given the current sentiment around the usd being bad, and the current sentiment about the stock market being mega bullish, I have to be contrarian and choose the falling wedge.
If this is the case then I am expecting a minimum retracement to the 618 fib, but likely the 786 as shown by the elliot wave speculation. 12345.
Note
The rally today looks great, This looks great too.
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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.