Please look mainly at the DAILY and 4 hour time frames as these are the ruling forces that i'm basing off.
Going with the higher probability that we'll see a big short happening here with the Daily candle turning bearish after an indecisive trading range bar prior to it.
Double top pullback to continue our 2nd leg down after that huge sell off.
The other scenario is that we may continue up if we get strength in this 4 hour close. (33 minutes left).
However i believe on the 5 minute time frame that we are almost finished with our correction, and hence it will make the 4 hour candle close as a weak bull.
Whichever scenario, i will look for the follow through buying or selling from the market.
In the daily chart there are many 2 legged abc patterns, this daily candle close would fulfill our B corrective pattern.
Going with the higher probability that we'll see a big short happening here with the Daily candle turning bearish after an indecisive trading range bar prior to it.
Double top pullback to continue our 2nd leg down after that huge sell off.
The other scenario is that we may continue up if we get strength in this 4 hour close. (33 minutes left).
However i believe on the 5 minute time frame that we are almost finished with our correction, and hence it will make the 4 hour candle close as a weak bull.
Whichever scenario, i will look for the follow through buying or selling from the market.
In the daily chart there are many 2 legged abc patterns, this daily candle close would fulfill our B corrective pattern.
Note
Also sorry for the mess and if some things don't make sense. This chart is my own personal mark ups, but i still thought i'd share my thoughts with the community <3Note
Ultimately, the power is on the daily. Hence, i believe that with a higher probability that we will go lower. Putting a Stop above the BEAR candle, OR the wick on the indecivie bar/doji, adjusted for RISK of course, is a good position for a stop loss.You could get a bit more aggressive as we see the turn in prices towards bear but those are the safer, higher win rate probability stops.
Note
15 mminute double top.4 hour closed WEAK bull. Basically a doji.
Not enough strength in my opinion to take it back up.
Bears still in control.
Lower prices likely.
Note
Nexst Daily Candle strongly Bearish. Great Follow Through. Expecting an acceleration of momentum, capitulation and more bears driving it down as the picture becomes more clear for a higher probability move, being the short position.
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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.