Possibility on milking a forming pattern up and down
Price action starting to form a Bearish Wolf wave pattern. Along 3 and 4 points of interest a bullish order block is formed. If the price keeps on bouncing on order block without any significant pump until it reaches point 4, which is also a trend line, we should see strong shot up to upper trend line, point 5. Bullish flag pattern indicates that as well. Then a strong correction is quite possible breaking a trendline downwards to point 6, where according to pattern rules suppose to be take profit target. Correction downwards is also believable to me because the price is starting to lose momentum and show weakness, corrections are getting bigger which shows that sellers getting more in control.
Bear in mind that this pattern is in early stages and just as well might go sideways. But until it is not, keep on watching
Bear in mind that this pattern is in early stages and just as well might go sideways. But until it is not, keep on watching
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.