Right now it is a wait and see on how the next couple of days are going to play out. Here are some pathways I think it may choose to go.
Signals:
Bullish- Your attention should be peaked once there is a close above the 68 EMA line (white line). This can be a potential higher risk/ higher reward buy if you are wanting to wring out every percentage point. A more conservative area to buy would be once there is a second close above the purple trend line marked “THIS PURPLE LINE!!”; however, I have a feeling that by the time there is a cross they will be sitting on top of one another. In the instance the 68 EMA crosses over top of the purple trend line then I would wait for a close above the 68 EMA before making a move.
Bearish- Attention should be peaked once there is a close below the blue line, marked “THIS BLUE LINE!!”, and wait to see if there is a pull back to test it as a new resistance. I would not make a move until there are two closes below this trend line to avoid any head fakes.
Big picture take:
Overall, I am definitely bearish; however, I can tell that the bears are losing some of their power over the bulls. This can be shown by comparing the highs from 03 JUN 2018, 20 JUN 2018 and 03 JUL 2018, but I think there is still some fight left in them. (picture below)
Signals:
Bullish- Your attention should be peaked once there is a close above the 68 EMA line (white line). This can be a potential higher risk/ higher reward buy if you are wanting to wring out every percentage point. A more conservative area to buy would be once there is a second close above the purple trend line marked “THIS PURPLE LINE!!”; however, I have a feeling that by the time there is a cross they will be sitting on top of one another. In the instance the 68 EMA crosses over top of the purple trend line then I would wait for a close above the 68 EMA before making a move.
Bearish- Attention should be peaked once there is a close below the blue line, marked “THIS BLUE LINE!!”, and wait to see if there is a pull back to test it as a new resistance. I would not make a move until there are two closes below this trend line to avoid any head fakes.
Big picture take:
Overall, I am definitely bearish; however, I can tell that the bears are losing some of their power over the bulls. This can be shown by comparing the highs from 03 JUN 2018, 20 JUN 2018 and 03 JUL 2018, but I think there is still some fight left in them. (picture below)
Comment:
Looks like we are in a rising wedge. Here is roughly what I am expecting.
Trade closed: target reached:
Was a little messy, but it stuck with the one of the paths pretty closely. I would have to say that this was a successful practice of path prediction for this isolated section. Overall, I am still remaining somewhat bearish. I have seen that we just broke out of a major downward channel, but now are stalling at a major resistance level. More than likely are going to see another test of the support level from the lows of 18 MAR 2018 and 11 JUL 2018 here within the next 5 to a week.
Will work to continue better prediction methods. Please let me know if anyone has any request for analysis/ chart mapping.
Will work to continue better prediction methods. Please let me know if anyone has any request for analysis/ chart mapping.