https://www.tradingview.com/chart/OLbtKTqz/
As shown in my chart, we finished our first 5 waves down and are right now in a sideways movement, which can be identified as a flag! Usually, we would expect flags to be tilted against the prevailing price trend but this one is tilted in the opposite direction.
What does this tell us?
It shows us a slight weakness of the bears, so we should not expect the most rapid moves coming out of the pattern!
As a sidenote: Price can fall short of the E position and start falling without touching the upper line again!
I hope this was helpful! Follow for future TA, like if you want to and take care!
As shown in my chart, we finished our first 5 waves down and are right now in a sideways movement, which can be identified as a flag! Usually, we would expect flags to be tilted against the prevailing price trend but this one is tilted in the opposite direction.
What does this tell us?
It shows us a slight weakness of the bears, so we should not expect the most rapid moves coming out of the pattern!
As a sidenote: Price can fall short of the E position and start falling without touching the upper line again!
I hope this was helpful! Follow for future TA, like if you want to and take care!
Comment:
That's what I call a gap :D
Comment:
Pattern complete
Pattern complete