CDT has been moving upward through a rising wedge. These patterns can be continuation or reversal patterns.
Taking into consideration the bear cross on the stochastic RSI and the fact that the price is sitting in a wide bearish kumo with future price volatility not decreasing by very much.
The Kijun and Tenkan San are both acting as support but have begun to move in a sideways motion further supporting that this upward price action is losing steam.
Although the DIs have began to point in a bearish direction there hasn't been a bearish cross given off by TRIX.
Therefore, I would watch for a bounce from the 0.5 Fib level within the channel being formed. Also, a projected trajectory near the .786 fib if the bounce occurs.
Taking into consideration the bear cross on the stochastic RSI and the fact that the price is sitting in a wide bearish kumo with future price volatility not decreasing by very much.
The Kijun and Tenkan San are both acting as support but have begun to move in a sideways motion further supporting that this upward price action is losing steam.
Although the DIs have began to point in a bearish direction there hasn't been a bearish cross given off by TRIX.
Therefore, I would watch for a bounce from the 0.5 Fib level within the channel being formed. Also, a projected trajectory near the .786 fib if the bounce occurs.
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