On a higher tf, price is sitting on a discount area (gray zone).
We see weakness as shown by AO through divergence.
On a lower time frame, we see a trendline being broken upwards.
This can be considered a change of character. (two previous highs were taken out - yellow lines).
If the price will continue to go up, it could tap into the nearest discount zone (black zone), before continuing upwards.
We see weakness as shown by AO through divergence.
On a lower time frame, we see a trendline being broken upwards.
This can be considered a change of character. (two previous highs were taken out - yellow lines).
If the price will continue to go up, it could tap into the nearest discount zone (black zone), before continuing upwards.
Comment:
daily tf, a huge beairsh rejection as seen through a wick. this setup could fail.
Comment:
remapped chart - ibb.co/k0ZCDcW
Comment:
result - ibb.co/GQdn0SL