One of the best fractal overlays I've seen with some Elliott Waves to go with it.
Price is still in a uptrend but with growing sellers It'll come to an end similar to the last fractal.
During the 3rd wave in the last pattern price experienced its first pullback at (B), and its second at correction wave 4 and the third after the last wave before we witnessed the last push in buyers.
This current cycle price is in a similar stage with a swing low at (b) meaning that we could see another run-up towards major resistance ($63).
This would be the final blow-off-top in general markets.
RUT is already showing signs of weakness which works well with this TA example.
When the time is right I'll do another TA for the downfall. For now I'm bullish but for the horizon I'm very bearish.
Price is still in a uptrend but with growing sellers It'll come to an end similar to the last fractal.
During the 3rd wave in the last pattern price experienced its first pullback at (B), and its second at correction wave 4 and the third after the last wave before we witnessed the last push in buyers.
This current cycle price is in a similar stage with a swing low at (b) meaning that we could see another run-up towards major resistance ($63).
This would be the final blow-off-top in general markets.
RUT is already showing signs of weakness which works well with this TA example.When the time is right I'll do another TA for the downfall. For now I'm bullish but for the horizon I'm very bearish.
Trade active
As stated above we saw exactly what was to come based on growing sellers and a lack in buyers not being able to hold price upA long was opened at $36 when price was at support and then had recently closed a short from $43 - $34.
Next update I will show how we should go through a retracement to test the strength in buyers again and how price will breakdown afterwards.
Stay Tunned
Note
Look at that guys price action looking pretty weak.Note
Any pullback that occurs is now an opportunity to short towards $10Note
Bull trap incoming. Sell off Will continue.
NathanAL
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NathanAL
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.