Update:
Looking at several things here, many confluences and a big move coming. obviously bug news coming out today but I just want to share what I see here and the potential move here.
so firstly we are forming an ascending triangle here, which is biased towards the upside, the grey box we are currently in has proved to be resistance/support several times and I don't think it will be an easy level to break above. if we do then aiming for the previous high, which is also the right shoulder on a bigger timeframe head and shoulders pattern which is bearish.
moving onto my second point which is the big head and shoulders pattern here. if you zoom out of my chart you will see a huge head and shoulders pattern and we seen the initial move down but didn't see a retest which could well be what we are seeing right now. seen an initial move down and slowly creeped back up to retest the neckline before making a new low.
both of these plays contradict themselves but I also think whatever move happens it will be clear based on the analysis done on the chart. so, breaking this horizontal resistance should likely result in a push, retest and continuation. if we break above come back for the retest and drop back into the formation that is whats known as a swing failure pattern. you can be almost certain it is a volatile move down.
SO wait for confirmation before doing anything, break and retest at a minimum.
Looking at several things here, many confluences and a big move coming. obviously bug news coming out today but I just want to share what I see here and the potential move here.
so firstly we are forming an ascending triangle here, which is biased towards the upside, the grey box we are currently in has proved to be resistance/support several times and I don't think it will be an easy level to break above. if we do then aiming for the previous high, which is also the right shoulder on a bigger timeframe head and shoulders pattern which is bearish.
moving onto my second point which is the big head and shoulders pattern here. if you zoom out of my chart you will see a huge head and shoulders pattern and we seen the initial move down but didn't see a retest which could well be what we are seeing right now. seen an initial move down and slowly creeped back up to retest the neckline before making a new low.
both of these plays contradict themselves but I also think whatever move happens it will be clear based on the analysis done on the chart. so, breaking this horizontal resistance should likely result in a push, retest and continuation. if we break above come back for the retest and drop back into the formation that is whats known as a swing failure pattern. you can be almost certain it is a volatile move down.
SO wait for confirmation before doing anything, break and retest at a minimum.
