Hi everyone, One of my members was asking what are the signs of a reversal or a real confirmation that Elrond will go lower... or a real confirmation of trend change. If EGLD close like this in 4 days on the weekly chart, this will be a real confirmation of trend change.
Currently this formation is showing no new high, a double top, and a new low.. All those combinations will send a clear RED signal that the next Monthly close will create a bearish Shooting Star.
What are we looking or expecting to have to say that this was a positive weekly for Elrond? 1- A close of EGLD at 140$ will confirm a double bottom which is good. 2- If EGLD is making a new high.
What happen if we have a bearish close with a double top.. or no new high... Without a doubt i will take my profits and wait to buy lower aroud 85$ or 45$
@uzairahmedani, i expect this if we close in Spinning top in 20 minutes.
crs619
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EGLD had been in a consolidating pattern for quite sometime. Not sure of where it will close out today for the week, but I’m starting to get the feeling the price is going to drop, in which case I will just be buying more; perhaps around the $88 mark? Lower?