Good morning, traders. The D3 candle closed as a massive bullish engulfing candle which confirmed the reversal indicated by the previous candle close as a bullish hammer. Yesterday's D3 close also confirmed the hidden bullish divergence on that TF. This should indicate further movement to the upside. Additionally, the weekly is in the process of confirming hidden bullish divergence as well. It is only Wednesday, though, so with half the week remaining anything can still happen. But it's pretty safe to say that if the weekly confirms the hidden bullish divergence at close, then we should most likely be looking for at least a few weeks of bullish momentum. Remember, hidden bullish divergence is a continuation indicator. That means that when it confirms we should generally expect price to continue its bullish momentum. In this case, it has been confirmed on the D3 and may be confirmed on the weekly, which are both large TFs indicating that the effect should be substantial.
Weekly TF shows that price has remained within the Andrews Pitchfork's outermost extended channels while currently engulfing the previous candle's body bullishly. Additionally, the weekly RSI is attempting to move above its resistance while Stoch RSI is curled up in oversold, nearing a bullish cross. Traders should continue watching volume, especially on the daily and larger TFs. At this time, it continues to contract as price consolidates, suggesting a possible symmetrical triangle is being printed. If we see expanding volume and candle spread on these larger TFs, then we should expect price to continue in whichever direction its going as it prints.
As a reminder, price is doing nothing other than consolidating at the 2018 TR resistance. The weekly 21 EMA continues to rise up to meet price and the VPVR nodes start dropping off as price hits $10800. Daily price action is consolidation on top of the pivot, above the daily 21 EMA. RSI broke thorugh its resistance and is currently nearing a retest of resistance as support. A successful retest should have price initially targeting the descending resistance in the daily supply below the R1 pivot. The target for the descending red wedge seen on my daily TF, if you make it yours per the instructions below, is around $12300.
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Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
Weekly TF shows that price has remained within the Andrews Pitchfork's outermost extended channels while currently engulfing the previous candle's body bullishly. Additionally, the weekly RSI is attempting to move above its resistance while Stoch RSI is curled up in oversold, nearing a bullish cross. Traders should continue watching volume, especially on the daily and larger TFs. At this time, it continues to contract as price consolidates, suggesting a possible symmetrical triangle is being printed. If we see expanding volume and candle spread on these larger TFs, then we should expect price to continue in whichever direction its going as it prints.
As a reminder, price is doing nothing other than consolidating at the 2018 TR resistance. The weekly 21 EMA continues to rise up to meet price and the VPVR nodes start dropping off as price hits $10800. Daily price action is consolidation on top of the pivot, above the daily 21 EMA. RSI broke thorugh its resistance and is currently nearing a retest of resistance as support. A successful retest should have price initially targeting the descending resistance in the daily supply below the R1 pivot. The target for the descending red wedge seen on my daily TF, if you make it yours per the instructions below, is around $12300.
____________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
Comment:
Daily
