The major time-frame correction has formed but did not break the previous high. Although it broke out of the descending channel, it also comes with a wedge pattern. Now, it's time to see how the major time-frame pullback will play out.
On the smaller time-frame, shorting along with the rising wedge pattern is fine, but pay attention to whether there are signs of a bullish reversal when the price returns to the top of the descending channel as it may act as a potential support level.
On the smaller time-frame, shorting along with the rising wedge pattern is fine, but pay attention to whether there are signs of a bullish reversal when the price returns to the top of the descending channel as it may act as a potential support level.
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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.