There's a wonderful inverse head and shoulders currently taking shape on the daily chart. IH&S patterns are trend reversal, breakout patterns.
If the price runs up the right shoulder, consolidates, and breaks above the neckline on the other side. That would be taken as a confirmation of trend reversal.
However, one should keep in mind that this is a long forecast and would not be confirmed until 7/19.
Tenkan/Kijun are both ranging meaning less volatility/momentum.
My TRIX is smoothed out to have very accurate buy signals. We currently see a bull cross taking place for a buy which further confirms this chart pattern.
Stochastic RSI would need to continue it's rise, test the resistance at ~80 before bouncing off support at 34.
If the price runs up the right shoulder, consolidates, and breaks above the neckline on the other side. That would be taken as a confirmation of trend reversal.
However, one should keep in mind that this is a long forecast and would not be confirmed until 7/19.
Tenkan/Kijun are both ranging meaning less volatility/momentum.
My TRIX is smoothed out to have very accurate buy signals. We currently see a bull cross taking place for a buy which further confirms this chart pattern.
Stochastic RSI would need to continue it's rise, test the resistance at ~80 before bouncing off support at 34.
Comment:
Pattern confirmation should take place in the next 48 hours.
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