This could be nothing. Perhaps too simplistic, but the recent rally ending in May looks eerily similar to this recent run. Comparing 1D between FEB and MAY with 12h between July and now. No Elliot/Wyckoff stuff here, simply annotating the tops for comparison. Apart from the price forming a very similar pattern, notice how the volume on both is decreasing and how similarly RSI is printed below their respective waves on both timeframes.
I'd be looking for one or all of these to happen on the 12h in the next days/weeks:
If this would play out, it would support my previously shared long-term view on the weekly.
I'd be looking for one or all of these to happen on the 12h in the next days/weeks:
- RSI crashing below 50
- Break in market structure - forming a lower low
- RSI failing to break back above 50 - failing to re-establish the uptrend
- Forming a lower high (D) (ideally after LL is formed)
If this would play out, it would support my previously shared long-term view on the weekly.
