I had previously put this on a watchlist for going long. Now, I am actually thinking it's going to fall further.
I thought at this point the wedge breakout would have occurred, and since buyers haven't moved in, I think it may be headed down further.
I have seen similar setups where the wedge keeps getting tighter and tighter on the top, then finally no buyers are to be found and price plummets.
I'm not saying this is going to happen.. but if market makers are trying to hide their intention to buy they are doing it strictly and collectively.
I think I will steer clear of trading this, but I do enjoy a good case study, especially when it's not being done on me, so let's see what's in the cards.
I thought at this point the wedge breakout would have occurred, and since buyers haven't moved in, I think it may be headed down further.
I have seen similar setups where the wedge keeps getting tighter and tighter on the top, then finally no buyers are to be found and price plummets.
I'm not saying this is going to happen.. but if market makers are trying to hide their intention to buy they are doing it strictly and collectively.
I think I will steer clear of trading this, but I do enjoy a good case study, especially when it's not being done on me, so let's see what's in the cards.
Comment:
Still no guarantee we get the drop, but I'm happy I didn't spend my capital on this one.