I'd love to see some arguments why this is NOT a BEARISH descending triangle. Post away! Please reference more than one indicator/chart time frame. A bullish/bearish case may be made at any time using one point of perspective.
Hey there, I will not make the argument against the descending wedge but I will present some alternatives
Your descending wedge as I see it
a) descending channel, which we just broke out of
or which we did not break out of (yet)
b) ascending channel, which is sloppy but perhaps back in play
c) descending wedge
I do think this descending trend line is in play and is a strong line to be pivoting & now holding above.
Above $3460 can see $3500 and potentially higher for me.
SLOPolarBear
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@Techreturns, Do you have any technical indicators that are aligning with any of the above charts to support the price action potential (that is, something to get us to: $3460/$3500 and potentially higher)? Cheers!
Mynameismethos
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Its a "W" in the making
SLOPolarBear
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@waszkien1, Are you referring to the weekly for the "W"? I'm used to seeing Bollinger W's at the bottom of long downtrends and Bollinger M's at the top of long uptrends.
SLOPolarBear
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Another fairly big "M"...
Mynameismethos
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@SLOPolarBear, The trend on the weekly is still pretty strong, but I think we're nearing the end. I think we ll go up from here to maybe around 370-380 and then have a big correction in Dec. Maybe like the one we had a couple years ago around Xmas
SLOPolarBear
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@waszkien1, Would you say this picture accurately depicts how you see this playing out?
Mynameismethos
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@SLOPolarBear Yeah that looks pretty good. We ll probably take off after the election is out of the way. Idk...that’s just my two cents
SLOPolarBear
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@waszkien1, That's a fair enough assessment. The weekly candle isn't going to keep anyone from sleeping. Waiting to see if we get a significant sell-off today. Market sentiment seems to be 'Hold', given volume and price action.
Mynameismethos
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@SLOPolarBear, I think we're almost done correcting for now. I see a sharp sell off leading into the election, but it'll probably get bought right back up again
Your descending wedge as I see it
a) descending channel, which we just broke out of
or which we did not break out of (yet)
b) ascending channel, which is sloppy but perhaps back in play
c) descending wedge
I do think this descending trend line is in play and is a strong line to be pivoting & now holding above.
Above $3460 can see $3500 and potentially higher for me.