On the above chart price action has been trading sideways since June. Recent developments suggest a bearish outlook. They include:
1) Price action and RSI support breakdowns.
2) Trend reversal confirmation with double top print.
3) Rising wedge confirmation with 50% correction forecast to $4 area.
Is it possible this is all gibberish and fundamentals don’t care for Technical Analysis? Sure.
Is it probable price action will correct as forecast? Very likely.
Ww
1) Price action and RSI support breakdowns.
2) Trend reversal confirmation with double top print.
3) Rising wedge confirmation with 50% correction forecast to $4 area.
Is it possible this is all gibberish and fundamentals don’t care for Technical Analysis? Sure.
Is it probable price action will correct as forecast? Very likely.
Ww
Dagangan ditutup: hentian tercapai
Ha! That got stopped out rather quickly. Price action cannot enter the wedge and remain bearish.Rules are rules.
Except $12 to offer resistance, it was the broken market structure level.
If it breaks, then you've got a flag pattern forming. Ask me to study at that point.
Nota
Request on the last update for $12.Price action is now AT market structure, it is not *confirmed* as broken. This is a resistance test.
On the 5 day chart below you are looking for a candle body to close above market structure. Not through it, above it.
That day is December 1st. If that happens, ask me below to update the idea.
Nota
50% correction complete.The broken market structure in December was nothing more than a fake out.
At this time price action is in a macro downtrend with lower highs printed as price action trades under resistance.
It is not possible to open long positions under that resistance is broken.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.