First chart/idea I've published, hope it doesn't suck! lol
(Please note some of my lines got a bit messed up when switching between times on the chart)
Weekly
Zoomed out to the weekly, RSI is flat-lining in the overbought territory while price keeps boosting.
If it breaks out of divergence we could see new highs as it breaks above the trend before ultimately dropping... but it could really go in either direction at this point.
Daily/Hourly(Above)
Even more telling story. One week ago, bearish divergence cause the price to drop but it double bottomed and caused it to move upward again.
The past few days, another bearish divergence has been falling. On the hourly there was a smaller one that caused a price drop but on the daily, there seems to be a more solid one forming as it rides the top of this year long upper trendline that's been forming.
If it rejects the 443.50-445ish range and bounces off, it could fall out of this wedge and finally correct/tank and we'll start to be setting targets at support lines.
Possible Alternative (if it doesn't reject this range)
Bottom Line:
Given the surge of cases of the Delta variant, even among vaccinated people, detachment from reality of the economy & jobs, various shortages, and overall volatility & uncertainty in the market... I'm heavily considering making this move in general.
At the end of the day you can't always TA everything, but we keep reaching new heights of unsustainable ridiculousness... it's going to give at some point and it may not be this week, next month, or even this (calendar) year.
(Please note some of my lines got a bit messed up when switching between times on the chart)
Weekly
Zoomed out to the weekly, RSI is flat-lining in the overbought territory while price keeps boosting.
If it breaks out of divergence we could see new highs as it breaks above the trend before ultimately dropping... but it could really go in either direction at this point.
Daily/Hourly(Above)
Even more telling story. One week ago, bearish divergence cause the price to drop but it double bottomed and caused it to move upward again.
The past few days, another bearish divergence has been falling. On the hourly there was a smaller one that caused a price drop but on the daily, there seems to be a more solid one forming as it rides the top of this year long upper trendline that's been forming.
If it rejects the 443.50-445ish range and bounces off, it could fall out of this wedge and finally correct/tank and we'll start to be setting targets at support lines.
Possible Alternative (if it doesn't reject this range)
Bottom Line:
Given the surge of cases of the Delta variant, even among vaccinated people, detachment from reality of the economy & jobs, various shortages, and overall volatility & uncertainty in the market... I'm heavily considering making this move in general.
At the end of the day you can't always TA everything, but we keep reaching new heights of unsustainable ridiculousness... it's going to give at some point and it may not be this week, next month, or even this (calendar) year.
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.