Last week (previous candle), we have located a potential market anomaly. A shooting star candle with above average buy volume. I feel like bulls that missed out or still attempting to squeeze juice from the July 11th rally may get some tough days ahead. Price could continue to rise a small bit. However, we are waiting on distribution which should take us to the 2nd wave. We don't know how long this will take. The RSI K/D is starting to cross down from an over bought stance. We are looking for price to reach $35 to $37 at some point. We just completed an ABC expanded flat on the weekly and will be patient to see if a new impulsive wave is coming down the line. At this point, we will be looking to trade each wave so I will update as we go.
What do you think?
What do you think?