I had no other alternative but to switch to HLC bars. This is what I normally use for charting, but I saw that candles are more popular here so decided to 'do as Romans do,' yet I really need the bar view to recognize all these fine details. Anyways, everyone has their preferences, and my strategy gets along better with HLC bars. That being said, our previous (linked) charts will remain in candles. Whenever I need to post another idea in daily, weekly, or monthly, that'll be in HLC bars anyway. For now, I'll remain in 4h.
The chart shows how I see the market. Despite the bearish outlook, I wouldn't take the short side but just wait instead. I'll try to update the idea as necessary. Don't forget to give it a thumbs up to get notified!
The chart shows how I see the market. Despite the bearish outlook, I wouldn't take the short side but just wait instead. I'll try to update the idea as necessary. Don't forget to give it a thumbs up to get notified!
Comment:
It seems like the market has made its decision to the South side, now that it'd be absurd to say it's a H&S. The local bottom is targeted.
The market is consolidating below what has been previously called the left shoulder level. A breakout to both ways is possible. In case of a bullish breakout, the channel resistance is targetted. Otherwise, the previous local bottom. In any case, a decisive move must also come with a breakout in the diminishing volume in weekly.