Conditions are stabilizing again so we avoid a bigger selloff just in the nick of time here but as it stands a close below the tip of this 1M Pennant isn't looking great especially given the multitude of various bearish structures contained within.
Conditions also seem likely to improve the next few days so some bigger down movement may have to wait until next week however this period of downtrend may have already triggered something broader that is now unstoppable.
Next most likely scenario is run up to ATH so stay frosty, we got plenty of trend confirm trigger lines between here and there to milk.
If we do get another ATH, then the following downwave should be something to behold.
Conditions also seem likely to improve the next few days so some bigger down movement may have to wait until next week however this period of downtrend may have already triggered something broader that is now unstoppable.
Next most likely scenario is run up to ATH so stay frosty, we got plenty of trend confirm trigger lines between here and there to milk.
If we do get another ATH, then the following downwave should be something to behold.
Note
Look at that beautiful double bottom back to Pennant retest...Note
Uh-oh, we're breaking under 3760!Note
Heiken Ashi lookin particularly devastating...Note
Should get a bounce off the 2H SMA 987...
Data analyst with a passion for best fit lines B)
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Data analyst with a passion for best fit lines B)
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.