Traders, there's a lot here so let's crack on.
We had a bullish shark pattern complete on the last day of trading last week. Before we had this shark, ANOTHER shark pattern completed before this on the 16th September. When the first shark completed we had a very strong move upward to almost a full retrace before we got a downside move, and even that wasn't much of a retrace.
However, on the completion of the second shark pattern, we have thus far only had a retrace which only just touched .618 retracement for a tiny moment and now it looks as-though it's exhausted and is going to the downside. Lacking the bullish strength that was shown in the previous bullish shark pattern.
I also discovered that at the end of the channel there is a broadening ascending wedge. The median line of the ascending broadening wedge has currently acted as support and these wedges usually result in downtrends. Is it to time to short soon?
A short to the bottom of the linear would be a first target, but if FB continues to drop below the hidden support line (thick red line) it will drop a lot further, and a lot harder.
The current candle formation for the last few candles was of a bearish investor sentiment, and the final trading session candle of last week is a bearish hammer.
Good luck traders.
We had a bullish shark pattern complete on the last day of trading last week. Before we had this shark, ANOTHER shark pattern completed before this on the 16th September. When the first shark completed we had a very strong move upward to almost a full retrace before we got a downside move, and even that wasn't much of a retrace.
However, on the completion of the second shark pattern, we have thus far only had a retrace which only just touched .618 retracement for a tiny moment and now it looks as-though it's exhausted and is going to the downside. Lacking the bullish strength that was shown in the previous bullish shark pattern.
I also discovered that at the end of the channel there is a broadening ascending wedge. The median line of the ascending broadening wedge has currently acted as support and these wedges usually result in downtrends. Is it to time to short soon?
A short to the bottom of the linear would be a first target, but if FB continues to drop below the hidden support line (thick red line) it will drop a lot further, and a lot harder.
The current candle formation for the last few candles was of a bearish investor sentiment, and the final trading session candle of last week is a bearish hammer.
Good luck traders.