A classic case of "buy the rumor, sell the news". The VeChain re-branding event occurred a little under 24 hours ago, and the price has plummeted. This price action came as no surprise as the developments have followed my predictions near perfectly. After following the trajectory within the blue rising wedge, there was an anticipated breakout to the downside which is causing VEN to fall off a cliff. At this point there is very little in the way between current price point and expected support at the 78.6% retrace of the ATH. As long as this level holds, our inverse H&S is in play in purple. We are quickly reaching the overbought zone, so we may see a small consolidation before we fully reach the 786. Right now I am staying out of this trade, waiting to see if the H&S develops. If we get a large volume bounce off the support I may put in a little to play the rise of the H&S, but it will depend on how the chart looks.
Fair winds and following seas!
Captain Holley
Fair winds and following seas!
Captain Holley