This idea still focuses on the basics of price action and volume action. It is a bit repetitive because I have done similar posts so consider this an update to those posts.
The blue and red trend lines show where the trend line went from support to resistance, which is bearish price action
The black trendlines show divergence on the price action to OBV and OBV EMAs which is bearish volume action.
The MFIis basically a hybrid RSI with volume action on the Money Flow Index with the 15 period look with bearish divergence
The 15 MFI just crossed below the 50 which is a bearish if sustained. I currently think this ends when the 15 MFI goes below 30, maybe all the way below 20.
If we zoom into this current peak we see
strong wicking action at the intersection of the falling black trendline and rising red trendline. That is pretty bearish in my book.
The OBV slipped the 10 EMA and almost tested the 20 EMA as support. I expect we will shortly see a impulsive move down and the OBV will approach the 100 EMA.
I further predict that the orange trendline price action is testing as support is going to be tested as resistance in dramatic fashion.
There is still the potential for a head and shoulders in there. [l/ist]
The 12h volume situation has
falling volume in an acceding triangle.
Price action is divergent on the MACD Histogram, which suggest that a sustained MACD-Signal cross will occur.
RSI is divergent and it set highs outside the Bollinger band. I expect we will be wicking out of the 12h lower limit of the bollinger band. again here shortly.
I agree with you. My timing indicators posted 3 sell signals on the weekly chart 3 weeks ago.
This_Guhy
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@awh2830, I have been swing trading and my estimation is you are taking a longer view. When and how do you plan on closing?
awh2830
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@This_Guhy, Yes i am looking at the long term. I'm not closing anything except probably my gold stocks which I will buy back at lower levels when everything gets devalued. I think we are in for massive deflation. The debt bubble needs to unwind and we need a reset to the system. Everything will go down in that environment.
Devin7462
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Nice charts. 1w PSAR, Macd, moving averages all telling me to go Long. Let’s see what happens.
This_Guhy
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@Devin7462, As I see it the MACD is a sell due to bearish divergence on both the MACD and MACD histogram. I am not familiar with PSAR so I have no comment. In regard to moving averages I put charting and divergence over moving average so support flipping to resistance on my main chart, for my system, tilts toward sell.