Potential continuation HNS shaping up on the 4 hour...we are in a wedge which does imply potential reversal however another leg down with a wick to our target could still play into the overall narrative of a bullish wedge . However, like I mentioned in previous charts a play In either direction here is risky. On one hand we have divergence bullish printed on larger timeframes indicating POTENTIAL medium term bearish exhaustion. On the other hand we have a clear bearish trend , lots of bearish momentum and pretty much zero bull volume which would lead one to short the pumps and not long. So, really I think the safest play here is to wait and see what happens, give up the first 5 percent of the move to make sure you catch the middle 15 percent...however I am a gambler and like to take positions early (it's a bad habit). I hope this idea is useful.
Red Boar
Red Boar
