We are in a retracement of a bearish trend on the weekly (more in next post)
This is what I see in the chart: a short setup consisting of a trend channel line overshoot, 3 pushes, wedge confirmed by a triggered bear trend i-Bar. All this happened after a trendline break and the whole bull that can be seen in the chart above is likely just a bull flag in the strong weekly bear. The start of the bull channel above is a conservative target, where an aggressive target could be at the above chart's lowest low, which is the next low to be broken if the weekly trend continues.
This is what I see in the chart: a short setup consisting of a trend channel line overshoot, 3 pushes, wedge confirmed by a triggered bear trend i-Bar. All this happened after a trendline break and the whole bull that can be seen in the chart above is likely just a bull flag in the strong weekly bear. The start of the bull channel above is a conservative target, where an aggressive target could be at the above chart's lowest low, which is the next low to be broken if the weekly trend continues.
Note
The i-bar is a Sunday bar. I think this should be noted as this may make the signal weaker.Remember, no trading advice in here or in any of my content.
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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.