Good morning, traders. I've been looking for some kind of definiteness in movement but haven't found it this morning. H1 RSI printed a hidden bullish divergence and is in the process of possibly confirming it. Currently, price has printed a local descending broadening wedge with a target of around $10950, possibly printing a double top. I have included the ascending green channel as well because if price moves above the wedge's resistance I will be expecting it to target the ascending channel resistance above the R1 pivot. Price remains above the pivot for the time-being and appears to be printing a rather large descending broadening wedge. H1 Stoch RSI remains in oversold so we should be expecting a move up sooner rather than later, even if it is only to print a double top.
If H4 RSI can close above its descending resistance, I will be looking for further upside. For now, it has fallen through its ascending support. The H4 Stoch RSI has dropped out of overbought and has a lot of room to continue falling before hitting oversold. That doesn't mean price MUST fall, but trader should be mindful of price action. If you zoom out to the H4 and larger TFs, you can see the possible $8500 target as well. As I have been mentioning, this movement up could just be wave 4. If so, then that target is in play. Traders that are looking for a larger TF entry should zoom out to the daily and wait for RSI to close above its resistance. Speaking of the daily, price is currently consolidating on the daily pivot. The volume continues to contract during this recent move up suggesting that it is wave 4 or wave B of a possible triangle which I pointed out last week.
As we can see, there are multiple possibilities here and most traders entering right now are going to be chopped out. Zoom out to the H4 at least, and look for good entries. Don't just enter because there's a possibility. The time taken to look for an entry actually worth making right now will pay dividends to traders.
I will be live at 3 p.m. UTC today on www.youtube.com/c/TexasWestCapital/live so come join in!
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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.
If H4 RSI can close above its descending resistance, I will be looking for further upside. For now, it has fallen through its ascending support. The H4 Stoch RSI has dropped out of overbought and has a lot of room to continue falling before hitting oversold. That doesn't mean price MUST fall, but trader should be mindful of price action. If you zoom out to the H4 and larger TFs, you can see the possible $8500 target as well. As I have been mentioning, this movement up could just be wave 4. If so, then that target is in play. Traders that are looking for a larger TF entry should zoom out to the daily and wait for RSI to close above its resistance. Speaking of the daily, price is currently consolidating on the daily pivot. The volume continues to contract during this recent move up suggesting that it is wave 4 or wave B of a possible triangle which I pointed out last week.
As we can see, there are multiple possibilities here and most traders entering right now are going to be chopped out. Zoom out to the H4 at least, and look for good entries. Don't just enter because there's a possibility. The time taken to look for an entry actually worth making right now will pay dividends to traders.
I will be live at 3 p.m. UTC today on www.youtube.com/c/TexasWestCapital/live so come join in!
_____________________________________________________________
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.
