Many see the possibility of a inverse H&S so I won`t repeat that. Another possible pattern could be a double top. We have some bullish action but we also have low volume. The positive sentiment and the inverse H&S seem to motivate buyers. Though with the low volume the possibility is high that the momentum will not be strong enough. If bears would come in hard it could be easy to drive the price down again - especially with the help of the overhead resistance. We will see.
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Also notable is the rising wedge (dotted orange lines pointing to the start of the red lines).
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Orange was for me the weaker resistance. You can see that even after bold bullish moves on the 1h timeframe that this area is pretty rejective.
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The action roughly follows my idea. Though it behaves more aggressive than I thought. We do not have the lower highs that I expected. This downtrend seems to be more massive. But still - volume is low - which I said when anticipating a fail at the 11700 resistance - so a strong bull-move could change things. Personally though I expect a M pattern soon the long run.
And if this M forms you can`t ignore a retest of 6000. My geometrical mind just can`t ignore it. I will show you a new idea tomorrow with some thoughts about the markets a whole.
The action roughly follows my idea. Though it behaves more aggressive than I thought. We do not have the lower highs that I expected. This downtrend seems to be more massive. But still - volume is low - which I said when anticipating a fail at the 11700 resistance - so a strong bull-move could change things. Personally though I expect a M pattern soon the long run.
And if this M forms you can`t ignore a retest of 6000. My geometrical mind just can`t ignore it. I will show you a new idea tomorrow with some thoughts about the markets a whole.
And if this M forms you can`t ignore a retest of 6000. My geometrical mind just can`t ignore it. I will show you a new idea tomorrow with some thoughts about the markets a whole.