Today's chart on the GU shows prices have left a Gap to the Upper MLH giving me the first sign of weakness. Also I have 2 consecutive fork ML's pointing down ( not shown here to avoid clutter ) telling me the down trend is firm.
Based on the bearish bias, we should get a trip down to the Median Line ( Dotted white line ). As long as the Upper MLH is not broken convincingly the downward target should hold. The trip to this target will ultimately respect the Warning Lines, especially the intersecting points where we have the highest probabilities for CIT. You will notice the last move was respecting the Warning Line, broke through and pulled back into the intersecting point for an excellent shorting opportunity to where? The next line it meets of course. I have placed purple and green dots at the intersecting points to illustrate what happens if prices reach them.
Sincerely,
TIK
Based on the bearish bias, we should get a trip down to the Median Line ( Dotted white line ). As long as the Upper MLH is not broken convincingly the downward target should hold. The trip to this target will ultimately respect the Warning Lines, especially the intersecting points where we have the highest probabilities for CIT. You will notice the last move was respecting the Warning Line, broke through and pulled back into the intersecting point for an excellent shorting opportunity to where? The next line it meets of course. I have placed purple and green dots at the intersecting points to illustrate what happens if prices reach them.
Sincerely,
TIK
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.