SUSHI: Long and ShortSummary:
1. SUSHI seems relatively strong in this downturn.
2. Several converging points seem to suggest a Long for SUSHI to the green rectangle.
3. A short can also be placed to hedge with a target to the red rectangle.
Chart: Daily
Scale: Linear
Trading Pair: SUSHI/USDT
Breakdown:
- Price broke above the upper parallel line of the red Pitchfork.
- This retrace came back to retest the upper parallel line of the red Pitchfork.
- A single negative vector extrapolation intersects at the projected reversal point (yellow box) adding confluence to the idea of a reversal to the upside here.
- Price is sitting slightly above an inner frequency line that did not break on this retrace.
- There is sloped (same slope as the pitchfork) inner frequency line in the counter trend pitchfork (green) that also intersects the reversal zone (yellow box).
- Lastly, the Hagopian's Rule seems to be in play as well with the failure of price to reach the center median line in the red Pitchfork.
