F/U from the January post (see link below). Since January price continued up to just above the weekly channel I drew. (It is right at the top of the channel of your use the "3" high as the top of the channel--black line). In doing so the weekly RSI is the most overbought it has been since 2004. Often ( but not always) there is a Fibonacci relationship between the 5 waves up on an impulse wave, often between wave 1 and 5. Currently wave (5) is at the 2.618 level as compared to wave (1). Proof the top is in? Heck no, just suggestive. Also supporting this idea is that the price at at the midline level of the 4 hour chart channel and there is a RSI bearish divergence in the weekly and 4 hour charts.
BUT: always wait for the price to signal a possible reversal as well. Also always also process your way. If this ends up assisting you please give me some feedback.
Have a great week.
BUT: always wait for the price to signal a possible reversal as well. Also always also process your way. If this ends up assisting you please give me some feedback.
Have a great week.
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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.