I usually do not trust forecasts made on low time frames. They are often subject to the error of a larger pattern. In other words, they are not always what they appear to us to be. That's why I mostly make charts on 4h+ charts. However, I sometimes make exceptions to this rule.
As you can see above, it seems to me that 3 intersecting patterns are forming. As for me, this is a specific kind of polymorphism. The more patterns fit the better. Each of them confirms the further course of events. Hence I conclude that further declines are ahead.
Of course, I could be wrong here, but it looks sensible to me.
This is not financial advice.
As you can see above, it seems to me that 3 intersecting patterns are forming. As for me, this is a specific kind of polymorphism. The more patterns fit the better. Each of them confirms the further course of events. Hence I conclude that further declines are ahead.
Of course, I could be wrong here, but it looks sensible to me.
This is not financial advice.
Comment:
So it seems that of all these patterns, the diamond and the head and shoulders worked:
Comment:
It took some time but eventually we got a sharp downward reaction:
Comment:
I was so focused on the bearish formations on the 15-minute chart that I missed the inverted head and shoulders forming on the 4-hour chart. That's why it's so important to check all time frames when analyzing. Lesson learned.
