Bearish Rising Wedge- to Bear flag
EW theory gives no support- ABC correction needs another leg down, or if preferred a 5 wave impulse needs another leg down
Tuesday Price Action
1. gap down
2. over reaction flush down
3. scalpers and traders- buying 2-3x deviation from VWAP--- price slowly works north to fill the gap
4. afternoon fade
5. price continues south drops again over the next couple weeks approaching the November Elections when democrats take over some office positions
lost Daily MA 200
testing weekly MA 50
EW theory gives no support- ABC correction needs another leg down, or if preferred a 5 wave impulse needs another leg down
Tuesday Price Action
1. gap down
2. over reaction flush down
3. scalpers and traders- buying 2-3x deviation from VWAP--- price slowly works north to fill the gap
4. afternoon fade
5. price continues south drops again over the next couple weeks approaching the November Elections when democrats take over some office positions
lost Daily MA 200
testing weekly MA 50
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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.