This is fourth time we see these clear stabs down and a quick recovery and they should give you no faith or confidence that the bulls will recover in the short run. If you are not a skilled scalper focusing on lower timeframes or intraday trading will get you taken to the cleaners.
The 1D chart below shows this top has been defined by hidden bearish divergence, a MACD bearish cross, the dump after an overbought RSI, strong overhead resistance, and the Hull MACD steady falling down. We are going to consolidate sideways or wave down (and that is important, if you enter a short position and you are over leveraged you still lose), that is our big picture and until we see a chart pattern developing on the 12H or 1D I don’t see this ending soon. Remember, the wicks on red candles have to come from somewhere and on the daily charts these stab downs either disappear completely and/or have almost zero affect on what our indicators are showing us.
The 1D chart below shows this top has been defined by hidden bearish divergence, a MACD bearish cross, the dump after an overbought RSI, strong overhead resistance, and the Hull MACD steady falling down. We are going to consolidate sideways or wave down (and that is important, if you enter a short position and you are over leveraged you still lose), that is our big picture and until we see a chart pattern developing on the 12H or 1D I don’t see this ending soon. Remember, the wicks on red candles have to come from somewhere and on the daily charts these stab downs either disappear completely and/or have almost zero affect on what our indicators are showing us.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion