On the hourly, we have a symmetrical Elliot Wave triangle atop a flag pole.
Will it break upwards? .. seems rather likely right now ! Am I still bearish? ... YES !!!
I believe a trap is being set as indicators are still showing bearish momentum and lower time resolutions confirm. These are treacherous waters ... best stay out for the time being.
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Looking at the 4 hourly chart, this pattern has manifested as a bull flag at the top of an ascending wedge. It's really weird stuff !!
That nice ascending wedge (in a larger down trend) tells it all. Epic bull trap. Note the big one spawned a second smaller one. It's about to break down. Which should look something like the wedge in the bottom left that kicked this whole thing off. Little one, BIG one...just a regular one.. hammer drop. Repeat.
Great analysis! Also note that none of the wedgies price action breaks north of 45 degress which would start to validate the rise and invalidate the bull trap. Seems about to pop
UnknownUnicorn416662
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@arthax0r, Thanks for the input! Always welcome from you ...
Great analysis! Also note that none of the wedgies price action breaks north of 45 degress which would start to validate the rise and invalidate the bull trap. Seems about to pop