So we have been in a long term uptrend, mid term downtrend and a short term uptrend.
Short term the price has been making higher highs while the RSI has been making lower highs.
The cyan dotted lines form a rising wedge , the white dotted lines form a bear flag and the purple dotted lines form a bull flag .
There is still room for a leg up into the 6800-7200 liquidity block where it meets the 200 SMA before we have a leg down
to consolidate lower and retest the 6400-6000 liquidity area.
But then bulls have to break 6800-6900 decisively where there is some resistance and sell pressure, an inverted H&S that is suggested by others
might do the trick though as mentioned before the RSI is making lower highs and a rising wedge similar to prior price action patterns that signaled a leg down is forming.
Feel free to comment and share your own perspectives and analyses and trade safe.
Short term the price has been making higher highs while the RSI has been making lower highs.
The cyan dotted lines form a rising wedge , the white dotted lines form a bear flag and the purple dotted lines form a bull flag .
There is still room for a leg up into the 6800-7200 liquidity block where it meets the 200 SMA before we have a leg down
to consolidate lower and retest the 6400-6000 liquidity area.
But then bulls have to break 6800-6900 decisively where there is some resistance and sell pressure, an inverted H&S that is suggested by others
might do the trick though as mentioned before the RSI is making lower highs and a rising wedge similar to prior price action patterns that signaled a leg down is forming.
Feel free to comment and share your own perspectives and analyses and trade safe.
Comment:
oh and don't forget there's something called 'bloody mondays'.