Scenario A:
The price stays in the ascending wedge and goes on a journey that yields impressive gains.
Scenario B:
The price violates the blue support by falling to an arbitrary point before venturing on another rally.
Scenario C:
The price breaks down out of the ascending wedge and plummets to the floor (red support).
It seems logical to imagine multiple scenarios and to be ready to adopt the one that the market chooses. At this point in the game, I'm neutral.
This is not investment advice.
Final comment:
I will post some technical indicators on the monthly chart which support Scenario C.
The price stays in the ascending wedge and goes on a journey that yields impressive gains.
Scenario B:
The price violates the blue support by falling to an arbitrary point before venturing on another rally.
Scenario C:
The price breaks down out of the ascending wedge and plummets to the floor (red support).
It seems logical to imagine multiple scenarios and to be ready to adopt the one that the market chooses. At this point in the game, I'm neutral.
This is not investment advice.
Final comment:
I will post some technical indicators on the monthly chart which support Scenario C.
Comment:
Monthly stochastic RSI has been overbought for a long time. Will we see it return to the bottom?
Comment:
The same holds true for the monthly RSI. Will we see it return to 50 and reverse or will it go to the bottom?
Comment:
Monthly Madrid Sinewave needs to return to -1:
Comment:
Momentum on the monthly chart is clearly heading down. Will it reverse from here or will it go to the floor? It is very important to trade in the direction of momentum.
Comment:
Will the monthly MACD reverse like it did in November of 2017 or will it cross bearish?