A couple of hours after noon and the 1H chart is showing us reversal signs at the Daily structure. We see plenty of reversal candlesticks which indicate a move up. Now the question becomes, will the market move up to touch the top of the 4H descending channel? Or will the market break past the descending resistance and make its way up to the Weekly structure? Obviously we want the latter move but we will assess the next move once we move back up to the top of the 4H descending channel.
It’s important to keep in mind that right now the market has touched the bottom of the descending channel structure, not the bottom of the Daily ascending structure. This means there’s still a possibility of price making one more small dip to touch that Daily support before bouncing back up.
Let me know what you guys think of my analysis and how it correlates to your own market sentiment!
It’s important to keep in mind that right now the market has touched the bottom of the descending channel structure, not the bottom of the Daily ascending structure. This means there’s still a possibility of price making one more small dip to touch that Daily support before bouncing back up.
Let me know what you guys think of my analysis and how it correlates to your own market sentiment!
