Seeing the combo of the rising wedge and the bearish divergence on the 4hr chart and 4hr rsi makes me think we will at least see a small breakdown back to the 4hr 50ma. Hoping we turn it back towards the upside after forming another higher low to allow the bulls tos tay in control. In the short term though probability is high enough for me to switch my idea status to short. Of course as always, I will be prepared for the exact opposite outcome as well with a smart stop buy back a few pips above the top trendline of the pink symmetrical triangle..hoping I can instead buy back in near the 4hr 50ma though. bst of luck in whatever you decide. Thanks for reading! (not financial advice)
Comment:
We are actually inside 2 rising wedges the green one I have shown above and a larger one which I just screenshotted (in lavender) here. We can see the price action is already starting to break under the larger lavender wedge and if it we're to breakdown on this candle from that wedge the projected price drop could send us all the way back to the bottom trendline of the pink symmetrical triangle: s3.amazonaws.com/tra...shots/a/AAtpsat0.png
Comment:
I'm hoping it doesn't reach the bottom of the triangle...there's a chance the 4hr 50ma(in orange) could catch it and bounce it back up...which would be a good sign and increase the likelihood of us forming and triggering an inverted head and shoulder pattern. Which would be just the kind of patter that could help us break out of this triangle.