The REAL JOE G HERE:
I'm seeng some bearish divergences on OBC indicator. Here are some highlights about what I am seeing on the chart
FIRST: ALways fo your own DD, understanding TA is not an exact science, it's an art... but it's beautiful - the harmony, patterns, predictability... but we are talking probabilities here 3/5.... so just undesrstand that. You have to approach TA with humility. Nonetheless, here is what I see -
1) Bearish signals on OBV, ADX coiling (getting ready for move), momentum coiling - price action and volume has been more bearish, no bulls to be found
2) Price drops typically happening later in the week, professional money making moves
3) Look at last price drops, 40-50% in one day. Thus the range I am saying $90-60 is within that range
4) The range I provided has a couple of things converging - 1) Fib retracement levels, see .85~ level 2) Elliot Wave C leg down range 3) Most recent corrections.
I don't have a position, I took profit and am looking to re-enter upon drop.
I'm seeng some bearish divergences on OBC indicator. Here are some highlights about what I am seeing on the chart
FIRST: ALways fo your own DD, understanding TA is not an exact science, it's an art... but it's beautiful - the harmony, patterns, predictability... but we are talking probabilities here 3/5.... so just undesrstand that. You have to approach TA with humility. Nonetheless, here is what I see -
1) Bearish signals on OBV, ADX coiling (getting ready for move), momentum coiling - price action and volume has been more bearish, no bulls to be found
2) Price drops typically happening later in the week, professional money making moves
3) Look at last price drops, 40-50% in one day. Thus the range I am saying $90-60 is within that range
4) The range I provided has a couple of things converging - 1) Fib retracement levels, see .85~ level 2) Elliot Wave C leg down range 3) Most recent corrections.
I don't have a position, I took profit and am looking to re-enter upon drop.
Comment:
OBV*** indicator