Possibly? Because the pattern gets triggered after the neckline break. Currently, the neckline is around $7,860 and if the 1H candle gets a close above the neckline then the chart pattern is valid. At the moment when I write this, the price is above the neckline BUT we need a candle CLOSE!
Yesterday, the price made a breakout downwards from the and currently it has started to print something similar which is just a little bit bigger but whatever it is the resistance stays still into the same area - $7,860. To make those patterns valid then we need at least a 1H candle close above the mentioned and as always, more secure would be a 4H candle close confirmation.
Because we have lower lows and lower highs then the next selling area should stay between $8,115-$8,350. Wait for price action from the gray box. Price action = smaller timeframes chart pattern breakouts, patterns on the 1H+ timeframes and here is definitely the saying - bigger is better.
In the gray selling area are some other criteria which will end this wave:
1. Fibonacci levels 50% & 62%
2. The should act as a
3. Previously worked area
4. Strong area (areas without candle close inside of it)
5. chart pattern target.
If the price reaches into the mentioned selling area then I make updates and notify about the price actions.
The has formed around $7,500 because there are some pretty important price action criteria and also there is currently the 4H chart EMA200:
If the price can't break above the resistance at $7,860 then there could be a pretty good selling opportunity after the 4H candle close below the $7,500, below the 200EMA.
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