Within Ascending Channel- Which I am looking for an eventual break down below the white support trendline.
Once this channel breaks to the downside I would be looking for selling to increase in an exponential fashion over the next 2 months. But we are not there yet so, we are still within our consolidation range at highs.
On a small 5 min timeframe, we have an ascending wedge from today's price action. I will be expecting a final push up with topping volume (large volume on a small TF chart like 5min) Then I would be looking for a gap fade for the rest of the next few days.
Most all of our stochastics are overbought, most importantly our 1-4 hr.
On a daily chart, this whole ascending wedge that we have been in for a month has produced bearish divergence. This is very significant and is why upon breaking down from this ascending channel I would be looking for selling follow through.
We had formed a bit of a mini- Inv. H&S last week, which today has played out to its measured move at 284.16, which tells us there's nothing in the charts saying we need to get any higher. I do expect some very immediate impulse up in order to form a formal top for this ascending wedge on the 10 min. Followed by selling for the rest of the day and next few days.
Once this channel breaks to the downside I would be looking for selling to increase in an exponential fashion over the next 2 months. But we are not there yet so, we are still within our consolidation range at highs.
On a small 5 min timeframe, we have an ascending wedge from today's price action. I will be expecting a final push up with topping volume (large volume on a small TF chart like 5min) Then I would be looking for a gap fade for the rest of the next few days.
Most all of our stochastics are overbought, most importantly our 1-4 hr.
On a daily chart, this whole ascending wedge that we have been in for a month has produced bearish divergence. This is very significant and is why upon breaking down from this ascending channel I would be looking for selling follow through.
We had formed a bit of a mini- Inv. H&S last week, which today has played out to its measured move at 284.16, which tells us there's nothing in the charts saying we need to get any higher. I do expect some very immediate impulse up in order to form a formal top for this ascending wedge on the 10 min. Followed by selling for the rest of the day and next few days.
Comment:
Our Ascending Broadening Wedge Is attempting to break down. We appear to be backtesting currently. Yesterday We broke back into the Bigger More important Pattern- Ascending Channel which in turn, confirmed the bull trap. Multiple factors screaming bearish to me. A confluence of 3 patterns. Daily Ascending Channel. Bearish Div on Daily. Asc Broad Wdge on the hourly which we are attempting to break down out of currently.
Our Ascending Broadening Wedge Is attempting to break down. We appear to be backtesting currently. Yesterday We broke back into the Bigger More important Pattern- Ascending Channel which in turn, confirmed the bull trap. Multiple factors screaming bearish to me. A confluence of 3 patterns. Daily Ascending Channel. Bearish Div on Daily. Asc Broad Wdge on the hourly which we are attempting to break down out of currently.
Bull trap confirmed