Some patterns i'm seeing on the chart. A sloppy falling wedge, possibly currently forming a rising wedge which leads me to believe it price will not break the upper trend-line of the triangle. With price action forming a rising wedge, with the trendline there and a rejection already, i don't believe the wedge will complete but still gives the same signal with the triangle's trendline right there, that we're gonna move down. Most likely to test the lower trendline of the triangle, but we will see what price action looks like before determining that. We can also see a failed pat bullish flag in the past that lead to us testing the lower trendline. Also notice the falling wedge that had a false (very weak) breakout with a large red candle back down to test the trendline of the falling wedge, and recovered to continue the breakout.
These charts are mostly for personal use so do not take this as trading advice, more of a public journal of what i'm practicing. Please feel free to leave any feedback!
These charts are mostly for personal use so do not take this as trading advice, more of a public journal of what i'm practicing. Please feel free to leave any feedback!
Comment:
A large red doji candle i should say, kinda hard to write these posts without the chart in front of me.
Comment:
If we get a rejection from the lower trend-line of the wedge, it is possible to see a breakout upwards, and possibly a retest of the upper triangle trend.
