AAVEUSD: Ascending broadening wedge Vs. Inverse H&S
Hello Traders,
Decision time. Decision time..
We have an ascending broadening wedge pattern forming on the 4hr.
What’s interesting is that we have an inverse head and shoulders pattern forming within this wedge. This gives us a mix signal of a bullish short-term and a bearish mid-term.
Outlook: short-term, we may see some continued support to the upside through today and tonight. But I would expect a decent pullback to the strong support line that AAVE has been following for the last month or so. This is where I will set some buy orders in place, just above the line, anticipating a bounce up.
If we do seem to follow this inverse and shoulders pattern to the upside, we will probably retest recent highs. If not, then we will want to wait for a confirmation bounce off of that support line and then hold.
Good luck!
Decision time. Decision time..
We have an ascending broadening wedge pattern forming on the 4hr.
What’s interesting is that we have an inverse head and shoulders pattern forming within this wedge. This gives us a mix signal of a bullish short-term and a bearish mid-term.
Outlook: short-term, we may see some continued support to the upside through today and tonight. But I would expect a decent pullback to the strong support line that AAVE has been following for the last month or so. This is where I will set some buy orders in place, just above the line, anticipating a bounce up.
If we do seem to follow this inverse and shoulders pattern to the upside, we will probably retest recent highs. If not, then we will want to wait for a confirmation bounce off of that support line and then hold.
Good luck!
Comment:
Wow, don’t write ideas half asleep. Not a broadening wedge. An ascending triangle pattern.