It was almost the perfect setup, for a trend reversal:
After a quite long decline
A down trend line broker
With lower volume at the head forming
With some rise of volume at the end of head
But...
The last shoulder seems not right!
It should show a lower volume only on the declining part and a rise in the volumen accompaning the upside movement to touch again the neck line (purple one). And the lack of this rising volume show low confidence in the reversal, therefore the chances still with the bears.
If we take a look at the momentum (with the MACD) the same story, look at the last right shoulder's upside movement, the momentum is merely flat
After a quite long decline
A down trend line broker
With lower volume at the head forming
With some rise of volume at the end of head
But...
The last shoulder seems not right!
It should show a lower volume only on the declining part and a rise in the volumen accompaning the upside movement to touch again the neck line (purple one). And the lack of this rising volume show low confidence in the reversal, therefore the chances still with the bears.
If we take a look at the momentum (with the MACD) the same story, look at the last right shoulder's upside movement, the momentum is merely flat