Grabbed a segment off the weekly for the near-convergence scenario stated in post 11/21.
Wild shot in the dark, but we may be nearing the end of a condensed and similar cycle pattern (see note below).
As long as support holds and weekly MACD avoids convergence I'd expect a breakout roughly EOW.
*** Current cycle pattern could also be seen as an ascending triangle with resistance around 4350; I don't believe the 11/20 price action was enough to break trend.
Wild shot in the dark, but we may be nearing the end of a condensed and similar cycle pattern (see note below).
As long as support holds and weekly MACD avoids convergence I'd expect a breakout roughly EOW.
*** Current cycle pattern could also be seen as an ascending triangle with resistance around 4350; I don't believe the 11/20 price action was enough to break trend.
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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.