Looking back in time, we see that INP favours week 22 as point to make a high price before downtrend begins, the past week marked week 22 with a shooting star candle. On the daily time frame, price is seeking to make a cycle low after which a bounce will attempt to take out recent highs. The swing high that forms after this instance is a low risk short entry on the daily time frame.
Comment:
INP is now seeking a low that will suck in hopeful bulls but it will be a short-term move up before the major trend (down) takes over.
Comment:
INP has carved a triangle that can break either way, since the big idea is bearish, we would want to see this resolve to the downside. Immediately below the support of the triangle is the 200DMA, a strong support which we would want to see break to accelerate bearish move.
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