$TOTAL Right Angled Descending Broadening Formation
This is a work of art. Thomas Bulkowski talks about the right angled and descending broadening formations, and this also fits into my previous outline of the TOTAL2 charts progress inside of a wyckoff distribution schematic.
Typically these dont break out on the first attempting, but the retrace now gives us the argument of a partial decline inside of this pattern as well.
Above that its the top of the range which would be the sign of strength in the wyckoff schematic.
From there you'd expect high and tight consolidation and then an expansion away from the range
Ill be following each level to look for reactions or more confluence with this idea.
More than likely, given the type of structure we have been seeing across the market, id be confident in a retrace to at least the .618 IF we break the top of the range.
Deep retraces would lessen my confidence. Impulsive waves should hold the .382, but any lower than the .50 id be concerned.
Its supposed to be a sign of strength and that would give confidence to the whole idea.
The implications, should this chart continue to play out in this fashion, are very positive for the alt coin markets.
Typically these dont break out on the first attempting, but the retrace now gives us the argument of a partial decline inside of this pattern as well.
Above that its the top of the range which would be the sign of strength in the wyckoff schematic.
From there you'd expect high and tight consolidation and then an expansion away from the range
Ill be following each level to look for reactions or more confluence with this idea.
More than likely, given the type of structure we have been seeing across the market, id be confident in a retrace to at least the .618 IF we break the top of the range.
Deep retraces would lessen my confidence. Impulsive waves should hold the .382, but any lower than the .50 id be concerned.
Its supposed to be a sign of strength and that would give confidence to the whole idea.
The implications, should this chart continue to play out in this fashion, are very positive for the alt coin markets.
Comment:
Comment:
Here is an example of the pattern www.finvids.com/Cont...Descending-Chart.jpg