The year began with a candle above 50MA, a rising TRIX and a rising STOCH-RSI. From point 1 we had a steady rise of positive candles to the top of BB. At point 2 reversal candles emerged(doji ,spinning top) along with TRIX forming a negative divergence. The green engulfing candle before point 3 was not confirmed by the TRIX or the STOCH-RSI, they were both falling. At point 3 we had Dark Cloud cover and STOCH-RSI below 50 and falling. At point 4 we had a Piercing Line candle at mid BB a rising and diverging STOCH-RSI from oversold conditions and a flat TRIX. At point 5 reversal candles emerged at top of BB a negative diverging TRIX and STOCH-RSI turning down from over bought conditions. At point 6 we had a bullish candle pattern but the TRIX and STOCH_RSI were both falling from over bought conditions. At point 7 we had a red candle that closed below the 3 week previous close, below the 10MA, falling TRIX and STOCH-RSI falling below 50. Point 8,again price found support at the 50MA with a bullish Kicking candle pattern, a rising STOCH-RSI from oversold conditions and a flat TRIX.At point 9 we had a bearish candle pattern however this pattern did not take place at oversold conditions an the TRIX was rising and above mid-point. POINT 10: the candle pattern is BULLISH,however we have both long term and short term DIVERGENCES at top of BB and at resistance. BUT until we start to see REVERSAL CANDLE PATTERNS the PRICE ACTION REMAINS BULLISH.
Comments
QuantitativeExhaustion
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I need to take a look at the TRIX more often for bigger picture.