Major sell off in progress.
Ugly red candles with a bunch of sellers inside.
PG fell from a rectangle top and sellers have been brutal.
The 50% retracement of the last trend up is not far below.
Price is below the bands and oversold. This condition can last for extended periods of time, especially in a bear market.
Price looks stretched to the down side. Selling may exhaust soon.
Rising Wedge noted inside of the rectangle top. The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. It is different from a symmetrical triangle as both trendlines slope up. Rising wedges have a bearish bias and are not valid until the bottom trendline is broken. Price can break to the upside from a rising wedge, but in the end which can sometimes be months or years, this trendline is broken.
Rising Wedges during the bull market would barely break the bottom trendline or even break the upper trendline and continue to the upside. In this market, they appear to be a bit more dangerous as when price falls as of late, there is so much resistance overhead and panic selling seems more likely to occur. The Rising Wedge can send a security in to a free fall in a bear market.
It looks like price is due for a bounce up very soon as price is very stretched to the downside. Even sellers exhaust eventually.
Possible short after bounce up if it occurs.
There is a lot of resistance overhead.
No recommendation.
Is the selling justified? I guess it is what it is.
Ugly red candles with a bunch of sellers inside.
PG fell from a rectangle top and sellers have been brutal.
The 50% retracement of the last trend up is not far below.
Price is below the bands and oversold. This condition can last for extended periods of time, especially in a bear market.
Price looks stretched to the down side. Selling may exhaust soon.
Rising Wedge noted inside of the rectangle top. The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. It is different from a symmetrical triangle as both trendlines slope up. Rising wedges have a bearish bias and are not valid until the bottom trendline is broken. Price can break to the upside from a rising wedge, but in the end which can sometimes be months or years, this trendline is broken.
Rising Wedges during the bull market would barely break the bottom trendline or even break the upper trendline and continue to the upside. In this market, they appear to be a bit more dangerous as when price falls as of late, there is so much resistance overhead and panic selling seems more likely to occur. The Rising Wedge can send a security in to a free fall in a bear market.
It looks like price is due for a bounce up very soon as price is very stretched to the downside. Even sellers exhaust eventually.
Possible short after bounce up if it occurs.
There is a lot of resistance overhead.
No recommendation.
Is the selling justified? I guess it is what it is.