Correct me if I'm wrong, and this is the last thing I thought I would see, but it sure looks like a small symmetrical triangle that is about to complete right at the boundary of my magical 4.236 purple fib circle boundary. There are a lot of moonies screaming "BULL FLAG!", but be careful with this. There's a 50/50 shot of this breaking EITHER WAY. Keep in mind, we're still trending downward, and the stochastic is right smack dab in the middle zone. So there's very little evidence to ME that we have a clear call on which way it will go.
Volume is practically non-existent right now, which tells me we might have a big candle that will pop up right at the boundary. Until I see more indications, I'm going to guess we'll see a break to the downward side. But again, it's 50/50 at this point. The only thing that pushes me to believe the break will be to the down-side is that we are in quadrant 2 of the fib circle. From what I have seen in the past, breaks usually go to the down-side when we reach a magical fib circle boundary.
When you look at the big picture, this is just a flag on the micro level. It's not a major formation, in my opinion. That's why I'm not going to get overly excited that the break in either direction will be major. But I'm looking for a continuation of the downward trend, based on the macro. It might end up being a small move back to the top of the parallel trading channel indicated by the yellow area. But we will probably see this move take place by morning.
Let's keep our eyes on this development, because I think we'll at least see something of significance at the boundary line!
Not trading advice, just calling the action as I see it forming!
Carlton Flowers
The CryptoPro
Volume is practically non-existent right now, which tells me we might have a big candle that will pop up right at the boundary. Until I see more indications, I'm going to guess we'll see a break to the downward side. But again, it's 50/50 at this point. The only thing that pushes me to believe the break will be to the down-side is that we are in quadrant 2 of the fib circle. From what I have seen in the past, breaks usually go to the down-side when we reach a magical fib circle boundary.
When you look at the big picture, this is just a flag on the micro level. It's not a major formation, in my opinion. That's why I'm not going to get overly excited that the break in either direction will be major. But I'm looking for a continuation of the downward trend, based on the macro. It might end up being a small move back to the top of the parallel trading channel indicated by the yellow area. But we will probably see this move take place by morning.
Let's keep our eyes on this development, because I think we'll at least see something of significance at the boundary line!
Not trading advice, just calling the action as I see it forming!
Carlton Flowers
The CryptoPro