Hello, everyone!
The price now is forming the falling narrowing wedge, which can be broken to the up or downside. But I suppose that the upside direction will be chose by the price. That’s why the price found support at the 0.618 Fib level of the last impulse. But the most important evidence for the long signal is the true bullish divergence on the 4h. This divergence is enhanced by the signal line. I don’t think that the 4h timeframe signal can be the reason of the global trend reverse, but the global dead cat bounce is possible now.
The long signal attributes:
Entry: current price
Take profit: $51600
Stop loss: $45200
The price now is forming the falling narrowing wedge, which can be broken to the up or downside. But I suppose that the upside direction will be chose by the price. That’s why the price found support at the 0.618 Fib level of the last impulse. But the most important evidence for the long signal is the true bullish divergence on the 4h. This divergence is enhanced by the signal line. I don’t think that the 4h timeframe signal can be the reason of the global trend reverse, but the global dead cat bounce is possible now.
The long signal attributes:
Entry: current price
Take profit: $51600
Stop loss: $45200
Trade closed: target reached
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