WLFI on the 8H timeframe is currently trading around 0.0555 still inside the same descending wedge structure formed by the descending resistance trendline from the May highs near 0.0760 and the rising support trendline from the May lows near 0.0513.
Price attempted a push toward the descending resistance near 0.0620–0.0640 in early June before being rejected and selling back down toward the lower boundary, which is now sitting near 0.0525–0.0530.
The structure has been compressing for over a month and is now at its most critical point with both boundaries extremely close together.
Key Levels To Watch
0.0760 → Prior high, major resistance above
0.0620–0.0640 → Descending resistance trendline, overhead ceiling
0.0570–0.0585 → Minor resistance, prior consolidation zone
0.0555 → Current price, approaching lower boundary
0.0525–0.0530 → Rising trendline support, final floor
Below 0.0513 → Full breakdown, no support below
The descending resistance rejected the latest recovery attempt near 0.0620–0.0640 and price has since sold back toward the rising support trendline, leaving almost no room between the two boundaries.
A hold at the rising trendline near 0.0525–0.0530 and a reversal back above 0.0570 would keep the wedge intact and set up one final push toward the descending resistance.
A breakdown below 0.0525 would resolve the wedge to the downside and open room toward 0.0513 and new lows below.
This is the final decision point inside this wedge.
Hold 0.0525–0.0530 → wedge intact, one more push toward 0.0620–0.0640 possible.
Lose 0.0525 → breakdown confirmed, new lows below 0.0513.
Neutral inside wedge.
Bias only on confirmed breakout or breakdown.
Price attempted a push toward the descending resistance near 0.0620–0.0640 in early June before being rejected and selling back down toward the lower boundary, which is now sitting near 0.0525–0.0530.
The structure has been compressing for over a month and is now at its most critical point with both boundaries extremely close together.
Key Levels To Watch
0.0760 → Prior high, major resistance above
0.0620–0.0640 → Descending resistance trendline, overhead ceiling
0.0570–0.0585 → Minor resistance, prior consolidation zone
0.0555 → Current price, approaching lower boundary
0.0525–0.0530 → Rising trendline support, final floor
Below 0.0513 → Full breakdown, no support below
The descending resistance rejected the latest recovery attempt near 0.0620–0.0640 and price has since sold back toward the rising support trendline, leaving almost no room between the two boundaries.
A hold at the rising trendline near 0.0525–0.0530 and a reversal back above 0.0570 would keep the wedge intact and set up one final push toward the descending resistance.
A breakdown below 0.0525 would resolve the wedge to the downside and open room toward 0.0513 and new lows below.
This is the final decision point inside this wedge.
Hold 0.0525–0.0530 → wedge intact, one more push toward 0.0620–0.0640 possible.
Lose 0.0525 → breakdown confirmed, new lows below 0.0513.
Neutral inside wedge.
Bias only on confirmed breakout or breakdown.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.