4Hr Chart
We have broken out of our three resistance levels and are currently retracing to confirm past resistance as support. After confirmation you could attempt a short term trade (200 point) to the 50 EMA currently at 7378, possibly spiking through to the top of the falling wedge (yellow trend). Our daily Stochastic RSI has started to trend up since our low yesterday which is a positive sign for a bullish rally. BUT wait there's more!
>> On Stochastic RSI we are oversold on the 5, 10, 15, 30, 1hr, 3hr, 4hr & 8hr <<
.... only the 2hr Stochastic Relative Strength Index is missing from this list, as such it is still high at 60, being 20 points off of the oversold threshold. This is as close to the stars being aligned as it gets with the Stoch RSI.
When these all align perfectly like that it just kinda makes me not want to make a trade no matter is happening with price action and trend lines. I would rather see the RSI's fall into the oversold area before wanting to take the trade, even if that means we have to fall back into the channel.
Personally, I think I will patiently wait and observe.
We have broken out of our three resistance levels and are currently retracing to confirm past resistance as support. After confirmation you could attempt a short term trade (200 point) to the 50 EMA currently at 7378, possibly spiking through to the top of the falling wedge (yellow trend). Our daily Stochastic RSI has started to trend up since our low yesterday which is a positive sign for a bullish rally. BUT wait there's more!
>> On Stochastic RSI we are oversold on the 5, 10, 15, 30, 1hr, 3hr, 4hr & 8hr <<
.... only the 2hr Stochastic Relative Strength Index is missing from this list, as such it is still high at 60, being 20 points off of the oversold threshold. This is as close to the stars being aligned as it gets with the Stoch RSI.
When these all align perfectly like that it just kinda makes me not want to make a trade no matter is happening with price action and trend lines. I would rather see the RSI's fall into the oversold area before wanting to take the trade, even if that means we have to fall back into the channel.
Personally, I think I will patiently wait and observe.
Comment:
Caution: we hit the first target at the 50 EMA ... the 15 min and 30 min Stoch RSI haven't dropped yet...
