In my last post i described a bearish scenario - this post i want to outline a the bullish case.
Simply put, we are in a symmetrical triangle coming off a major uptrend. The target of this triangle would be the .786 retrace @ 10579
VPVR seems to coincide.
Stoch RSI making a nice bottom on the 4H, and a double bottom on the 12H ( not pictured )
4H DMI shows sellers still in control, but lower time frames are showing buyers making a comeback.
We need to move past 9300 on big volume to confirm a breakout.
Side Note:
This could also be a premature Ascending Triangle:
Let the market decide
Simply put, we are in a symmetrical triangle coming off a major uptrend. The target of this triangle would be the .786 retrace @ 10579
VPVR seems to coincide.
Stoch RSI making a nice bottom on the 4H, and a double bottom on the 12H ( not pictured )
4H DMI shows sellers still in control, but lower time frames are showing buyers making a comeback.
We need to move past 9300 on big volume to confirm a breakout.
Side Note:
This could also be a premature Ascending Triangle:
Let the market decide
Comment:
Momentum change inc