20 Aug short
- bearish on weekly view
- forming double top on daily view
however -- might not be a deep dip rather just a take profit correction -
fundamental makes it likely that investors have no where else to go but equity and gold so the sell-off wont be sharp --> i doubt a sharp rise - everything already overbought unless a shifting fundamental is to come,...
Pattern
- Double top formed on 4H chart, followed by a relatively strong pullback and price trading sideway in a narrow range (within 142.x143.x)- forming pole and a bear flag. Another point to note of is the continual lower highs within the rectangle region, indicating bull's successive failed attempts to reach/test the previous high at 145-146.
- If history...
On 4H chart
- MA is upward; PX yet to extend well above 2SD upper band --> signaling stability of trend, along with moderate width of BB.
- All indicators are bearish except for MACD (which indicates prevalent trend, still in upward)
○ Interestingly, ADX signals upward trend is just picking up now that it's reaching above 25 - which is somewhat contradictory...
