Hi guys!
As you can see since we broke out from the trinagle on the 26th of May with low volume, we always had a big sell volume followed by a small buy volume.
What I am looking for is a big sell volume, bigger than the previous buy volumes. We found resistance at the 0.382 fibb. level, which is a great sign for a continuing correction.
If we have a look on the weekly chart, we can find further confirmations of a potential correction.
First: Reversed Hammer green candle - LOW VOLUME
Second: Followed by a doji candle - LOW VOLUME
Third: We are currcently forming our RED reversed hammer - LOW VOLUME
Low volume with these candle formations favours for the bears. Of Course, anything can happen, but it highly more likely to break downwards, than upwards.
***It is not a financial advice, it is only my own opinion***
If you liked the analysis please leave a like, if you have any quesionts leave a comment below!
As you can see since we broke out from the trinagle on the 26th of May with low volume, we always had a big sell volume followed by a small buy volume.
What I am looking for is a big sell volume, bigger than the previous buy volumes. We found resistance at the 0.382 fibb. level, which is a great sign for a continuing correction.
If we have a look on the weekly chart, we can find further confirmations of a potential correction.
First: Reversed Hammer green candle - LOW VOLUME
Second: Followed by a doji candle - LOW VOLUME
Third: We are currcently forming our RED reversed hammer - LOW VOLUME
Low volume with these candle formations favours for the bears. Of Course, anything can happen, but it highly more likely to break downwards, than upwards.
***It is not a financial advice, it is only my own opinion***
If you liked the analysis please leave a like, if you have any quesionts leave a comment below!
Comment:
Everything goes according to the plan, we have a nice close below the 4H 200 MA
Closed below the 21 EMA, good sign for bears.