What started as a potential 4 hour inverse head and shoulders has now formed an extra lower high and shaped up to be a clear equilibrium.
Low volume consolidation as the bulls are looking to set another higher low this morning.
This has resulted in multiple daily inside bars and tightening ranges as well.
We will look for a volume spike and a break today.
I personally entered a small, partial position on this consolidation in the $4,400s for the potential of a bull break as entering on an actual bull break would likely not result in a position with good risk/reward.
The stop loss is under $4,335 in case the 4 hour higher lows break.
Others took shorts at the 4 hour EMA resistance which is also a fine strategy as long as stops are used if the 4 hour lower highs break.
Low volume consolidation as the bulls are looking to set another higher low this morning.
This has resulted in multiple daily inside bars and tightening ranges as well.
We will look for a volume spike and a break today.
I personally entered a small, partial position on this consolidation in the $4,400s for the potential of a bull break as entering on an actual bull break would likely not result in a position with good risk/reward.
The stop loss is under $4,335 in case the 4 hour higher lows break.
Others took shorts at the 4 hour EMA resistance which is also a fine strategy as long as stops are used if the 4 hour lower highs break.
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