Dear fellow traders/analysts,long term charts provide the road map for shorter time frame high probability set ups. I ask of the chart reader/trader to have a look at the last 4 bars and tell me what is happening in the short term ?
What is being completed ? If you don't know the answer to this please google COMPLEX BEARISH PIVOT POINT REVERSAL and learn it. But let me try and explain this simple and powerful reversal to you. A close of the bar must be lower than the bar with a highest high. Highest high being the bar of February. Do you get me ?
Where is this bearish pivot (see Red box) happening which is yet to be completed and confirmed or position in the big picture or trend ? Prior support now being resistance marked as 1,2,3,4 is where we are now. Number 1 being the CLIMAX LOW and 4 being the bar resolving the prior congestion with a downside breakdown.
End of month close below the bar of February will confirm this COMPLEX BEARISH PIVOT which is almost in the bag. What/where is our position in the trend big picture at present ? Just a quick look at the left of the chart and you will see 1,2,3 and 4. This is a major price resistance clustering with a down trend line even making it stronger.
With the COMPLEX BEARISH PIVOT being almost in the bag what to expect in the short term ( 5- 10 monthly bars thereafter) ? Further down side pressure or at best congestion at current levels.
Do you get me ?
Happy charting to all.
Disclaimer: This analysis is for educational purposes only and it is not an investment advice.
What is being completed ? If you don't know the answer to this please google COMPLEX BEARISH PIVOT POINT REVERSAL and learn it. But let me try and explain this simple and powerful reversal to you. A close of the bar must be lower than the bar with a highest high. Highest high being the bar of February. Do you get me ?
Where is this bearish pivot (see Red box) happening which is yet to be completed and confirmed or position in the big picture or trend ? Prior support now being resistance marked as 1,2,3,4 is where we are now. Number 1 being the CLIMAX LOW and 4 being the bar resolving the prior congestion with a downside breakdown.
End of month close below the bar of February will confirm this COMPLEX BEARISH PIVOT which is almost in the bag. What/where is our position in the trend big picture at present ? Just a quick look at the left of the chart and you will see 1,2,3 and 4. This is a major price resistance clustering with a down trend line even making it stronger.
With the COMPLEX BEARISH PIVOT being almost in the bag what to expect in the short term ( 5- 10 monthly bars thereafter) ? Further down side pressure or at best congestion at current levels.
Do you get me ?
Happy charting to all.
Disclaimer: This analysis is for educational purposes only and it is not an investment advice.