Looks like we may have topped out around the mid 7xx level for the day on this current leg up (check my previous charts for the bigger picture). However, looks like a strong elliott wave cycle has completed and we are in for some correction.
Examining the 5 minute chart, we have what appears to be a clear H&S forming. However, we need to be certain that the right shoulder completes...and be ready to short if it does.
Look for the signal of the price dropping below the 646 support line, which; consequently, was the top of the cup and handle pattern that signaled bull earlier.
That will confirm we are currently in the 2nd leg of a correction down. Please refer to my chart of possible price targets to look for.
Further bearish sentiment is confirmed by the cross of the ichi cloud on the 15 minute chart. And we are approaching the 200ema. 1 and 4 hour rsi also look like they have
healthy room for a pullback.
Happy trading.
Examining the 5 minute chart, we have what appears to be a clear H&S forming. However, we need to be certain that the right shoulder completes...and be ready to short if it does.
Look for the signal of the price dropping below the 646 support line, which; consequently, was the top of the cup and handle pattern that signaled bull earlier.
That will confirm we are currently in the 2nd leg of a correction down. Please refer to my chart of possible price targets to look for.
Further bearish sentiment is confirmed by the cross of the ichi cloud on the 15 minute chart. And we are approaching the 200ema. 1 and 4 hour rsi also look like they have
healthy room for a pullback.
Happy trading.
Comment:
Mission abort. Looks like a fake out and the right shoulder did not complete. Still monitoring the situation closely, as it can move up or down quite rapidly.
Comment:
Bear pennant developing on the 15 minute chart. I still think this is headed lower.
As stated earlier...please pay attentino to 646 resistance before making a proper decision.
Large red engulfing candle on the 4hr.
This will be an important holding point for Stellar.
As stated earlier...please pay attentino to 646 resistance before making a proper decision.
Large red engulfing candle on the 4hr.
This will be an important holding point for Stellar.
Comment:
Looks like the bear pennant finally broke down, as expected. 646 support is now slowly developing into resistance. Keep a close eye at this price level, but I'm still under the impression that this drop will last a little while as price corrects.
As always, stay very alert with pricing and set stop losses, as these whale bots can be absolutely crazy and irrational at times...and move extremely quickly.
My overall bullish sentiment still remains, as this is simply a pull-back leg from my larger chart I posted a few days back.
Happy trading!
As always, stay very alert with pricing and set stop losses, as these whale bots can be absolutely crazy and irrational at times...and move extremely quickly.
My overall bullish sentiment still remains, as this is simply a pull-back leg from my larger chart I posted a few days back.
Happy trading!