Looks like the SPX500 is also showing a play to the downside.
-RSI bearish divergence
-Price ceiling at 2126.9
-Break out of trendline to downside, but has been riding it up. You can tell this is the most likely the ceiling because volatility is increasing indicating bears and bulls are in play here. The ride up was pretty nonvolatile as it was all bulls.
-With top established, we can say that this is the end of the 3rd wave. Looking for 4th downwave.
-RSI bearish divergence
-Price ceiling at 2126.9
-Break out of trendline to downside, but has been riding it up. You can tell this is the most likely the ceiling because volatility is increasing indicating bears and bulls are in play here. The ride up was pretty nonvolatile as it was all bulls.
-With top established, we can say that this is the end of the 3rd wave. Looking for 4th downwave.
Comment:
This pair gave us a little scare and pushed higher to make higher highs, however I took a look at the price action on the lower time frame, and it looks to be have completed a 5 wave pattern. It seems interesting to me because the completion of the 5th wave was located at a point that breached a strong resistance. Perhaps this is a fakeout on the higher timeframes, or it's just opening up the doors for higher prices in the future. Either way, the short still seems to be in play. Missed my stop by just a few pips.
Comment:
bearish divergence. stop still not triggered...