Careful here.
Unless that big (red) pennant gets negated things will turn bad.
Watch out for a break down.
Unless that big (red) pennant gets negated things will turn bad.
Watch out for a break down.
Comment:
Volume and spike down to 6350$.
Pattern confirmed, that's a start.
Pattern confirmed, that's a start.
Comment:
I'm not a fan of H&S as a continuation pattern.
Yet i wouldn't ignore the warnings shown below.
Look at H&S + resistance falling from highs ( red ) + rising wedge.
Current pennant is just a minor pattern within the chart, in a quite delicate position.
Better safe than sorry, they say ...
Yet i wouldn't ignore the warnings shown below.
Look at H&S + resistance falling from highs ( red ) + rising wedge.
Current pennant is just a minor pattern within the chart, in a quite delicate position.
Better safe than sorry, they say ...
Comment:
Fell short of bearish flag target.
Yet the move up lacks volume so far.
Nervous price moves such as this are common on the days preceeding future expiration ( on Aug 31 ).
Anyway overall structure is still bearish.
Even choosing to ignore the rising wedge the big picture on 1D shows a big bearish flag possibily hinting the right shoulder of a H&S.
I'd suggest to keep an eye on today close, as price is close top the upper bound of the BB.
Bulls would score a REAL point only by breaking both the upper BB, the resistance ( red ) and finally negating the flag ( purple ).
In my opinion that's unlikely.
For the time being i'd rather prepare for a correction.
This said market is king, in any case i will adapt my strategy accordingly.
Yet the move up lacks volume so far.
Nervous price moves such as this are common on the days preceeding future expiration ( on Aug 31 ).
Anyway overall structure is still bearish.
Even choosing to ignore the rising wedge the big picture on 1D shows a big bearish flag possibily hinting the right shoulder of a H&S.
I'd suggest to keep an eye on today close, as price is close top the upper bound of the BB.
Bulls would score a REAL point only by breaking both the upper BB, the resistance ( red ) and finally negating the flag ( purple ).
In my opinion that's unlikely.
For the time being i'd rather prepare for a correction.
This said market is king, in any case i will adapt my strategy accordingly.
Volume needed for pattern confirmation.