Just a quick update. Still inside bearflag...probability favors a bearish breakout but best to wait and see what the outcome is as there have been many fake breakouts during this consolidation period. If it breaksdown the 2nd red vertical dotted line is the price target it wil hit, the first vertical redline is the price target were expected to hit becaue of the bearish breakdown from the privious bul flag. Because we have yet to reach that price that makes it seem all the more likely we will break bearishly out of this current flag which will lead to even mroe downside unless the 50MA can maintains tron support. Thanks for reading! *not financal advice*
Comment:
The tline on the 4 hour has now bent further downward now overlapping the top red dotted trendline of the bear flag and most likely also acting as a double reinforced resistance making any probabilities of being able to break above the flag on this candle much elss probable thus increasing the probability of a bearish breakout to the downside, however there is also decent probability that this flag may continue on with the price action stayin within its parameter for a few more candles or the breakotu could occur on this candle or the enxt one but right now the probability favors a downward breakout.
Comment:
just had a big bear plummet...it is likely going for the breakout on this candle but important to keep in mind that there is still and hour and 40 minutes left for it to have a chance to claw its way back inside the flag....probability favors the breakout though.
Comment:
Just as I anticipated the 50MA provided a very significant bounce upward once the price tested it just now. It will likely go down and test it again but as of now it is the current and very strong support.
Comment:
My Limit buy has been triggered after it touched the 50MA I will probably set another limit sell after a good bounce however as I anticipate now that it has wicked below the 50MA that it may have eweakened its reistance...so I may sell on a nice rebound at least fractionally an limit buy back around the second red dotted line price target now that it appears we will have a confirmed breakout.. Keep in mind however, that we still need the follow up confirmation candle on the 4hr to close below the bear flag too....it is likely it will considering how far down this one has fallen below it...but I've seen so many fakeouts that you always have to keep that scenario in mind even though probability does not favor it.
Comment:
for now I haven't sold and am waiting to see where this candle goes...remember this is the confirmation candle that would confimr the breakout. Right now however it is currently bullish so I wanna see how high it can climb.