I noticed this rising wedge, which could lead to a correction soon.
The doji candle yesterday was already not convincing itself and it didn't even make a new high in this recent bull run. Today (at least for now) the market created a big red candle, engulfing the bullish one 2 days ago. not great for bulls either. It just doesn't look right. The lower rising line of this wedge could even be an upward sloping neckline of a potential H&S.
This whole pattern is accompanied by a massive negative divergence.
So the question for me is really: now short or waiting for a RSI trendline break ? I just went for a first trade here and looking for a 38%-50% retracement from the very recent up move.
Happy trading, happy hunting
KP
Comments
oops
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took 50% off @ 0.8510
Zeheart
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Nice Chart Bro, looking at the 4H chart, I have entered short since past 2 days.. looking at the long fall, probably a pullback/retracement could take place prior to the next strong move down..
Cheers!!!
oops
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I just deleted stupid spam ad here, that's unbelievable !