It appears the the fast move up may have been a FALSE BREAKOUT as price retraced back below the broken resistance into the consolidation zone.
Price is still within a RISING WEDGE and around a strong resistance zone. There is a very high probability of price breaking below the wedge but to be objective, we keep an open mind by looking at the two likely scenarios.
Scenario 1: Price breaks below the rising wedge, breaks the M pattern neckline and confirms our short bias
or
scenario 2: Price breaks above the Rising Wedge and blows through the 10k Psychological resistance level and confirms our long bias.
Remember trading is hunting and hunters wait patiently for the right time to pounce.
Price is still within a RISING WEDGE and around a strong resistance zone. There is a very high probability of price breaking below the wedge but to be objective, we keep an open mind by looking at the two likely scenarios.
Scenario 1: Price breaks below the rising wedge, breaks the M pattern neckline and confirms our short bias
or
scenario 2: Price breaks above the Rising Wedge and blows through the 10k Psychological resistance level and confirms our long bias.
Remember trading is hunting and hunters wait patiently for the right time to pounce.