Spinning Top comparison near termination of Rising Wedge (2D)?
Updated
I know it's kind of a stretch to make about the candlestick but trying to cover some more (bearish) angles and indicators before finally throwing in the towel. Also depends on the close. Might as well see it through to the end of the channel. Since my last chart, price has remained within the wedge as it has tightened.
Comment
the DXY just tagged a major trend line at 95 (Drawn -Slope from April '11-through April '14-through Winter '18. Reversal for Dollar ? Bullish from Here ?Comment
Spinning Top Turning into a Shooting Star for close. More Ominous ?Comment
Disregard last CommentComment
The Stochastic RSI is aligning on an extended Upper-Band basis e.g. the 3-Hr, 4-Hr, 1-Day, 2-Day, 3-Day, 4-Day, 5-Day, and the 1-Week are tracking nearly identical. The 1-Hr and 2-Hr are close and should reach that territory tomorrow, Friday, Aug. 7. This is the type of setup that defines tipping points. This does not mean that the high is necessarily in yet, as the 1 Week chart topped in a similar position the Wk of January 13th in the SPX, which made new highs through February. The event of COVID helped accelerate the move to the downside, but the trend was signaling a correction save the Wk of Feb. 10. If there is some massive news tomorrow that skews bearishness for the markets, there would be a nearly perfect confluence awaiting for accelerated downside. Like I mentioned, a greater market move could be pushed, but my attention is going to be very close to the news tomorrow, which could outline something new for the future that the market has not already forecasted and digested.
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.