So i have gone back and forth on a couple time frames and if you look at the daily candles with line instead of candles you can get a decent downwards trend line hitting this exact resistance area and it is looking more like an ascending wedge now more so then a bear flag/pennant. Right now in the pattern it is about 60% to the downside and 40% to break up to the next major/Macro resistance area. I feel a bit bias towards the downside as the macro trend line has been tested and rejected about 5 times. You can also check the 4 hour time frame and make a smaller more accurate ascending wedge that if broken would retest the 200 day moving average. In this current example this puts us a good amount below the 200 day moving average which i feel there are a couple conflicting areas with wicks and such. Any charts of a different perspective would be great and open to analysis! Thanks safe trading!
Trade closed: target reached:
Entered a short and closed out have a small short again in this area for the pattern break down and resistance rejection we just saw! I have a tight stop and have some buys to go long below in the 5800- 6200 range
Comment:
The volume is still really low and that typically indicates it wont drop as far as a normal wedge would. Still watching in case i see an increase in volume
