The Euro had a bit of a rally on Friday however the United states dollar showed sudden pressure on the Euro mid day during US session. This sideways action has formed a clear bearish diamond on the 4H / 240 time frame. Im expecting EUR/USD will test lower support levels next week. The favorable support is 1.1500, we shall see next week but keep an eye on this...
BTC is potentially forming a Diamond Top pattern which normally looks similar to a Head and Shoulders pattern.
Either pattern could be in play, with a target of $35,000-38,000. If it plays out could be a great short opportunity.
Let me no your thoughts.
LMT is printing, and about to complete a MASSIVE diamond top after an 8 year nearly parabolic uptrend netting it over 350% or $345.
The pattern suggests an implied move of about -44% for the symmetrical triangle if it breaks down, and -57% or roughly -$200 for the diamond top.
If Tradingview's Fixed range indicator was working I'd have some volume analysis for...
I've successfully traded two smaller diamond formations in the past two weeks, one at the bottom of a local downtrend that broke to the upside and one at the top of a local uptrend that broke to the downside. These have been reliable on shorter time frames. Now it appears we've formed a much larger diamond top here after our weeks-long uptrend. My bias is for this...
diamond top to tis years lows to 32.50 to 33.50 range.
first sign that pattern will break is swing high not reaching pattern trendline we can confirm that tis is swing high from oscillators both are pointing down.
What is a Diamond pattern?
A diamond pattern is used for detecting reversals: there are two types of diamonds:
Bullish diamond - can be found on downtrends and shows a possible reversal upward
Bearish diamond - can be found on uptrends and usually signals for an upcoming major correction
Once rightly identified, it is one of the most profitable patterns...
I'll let the formations do most of the talking. The diamond tops are some of my favorite technical chart patterns, but this comes with a couple added points:
Break the area of support on the Diamond's right side
Must have a lot of volume after breakthrough
Some important news backing the move
Declining Momentum indicators or crossovers are a bonus
I'm expecting a brief 25-30 percent correction before continued upside. Bearish Profit taking targets will be at around the $6.90 area with Stoplosses above $10.24
I expect that after GEL retraces back down to the $6.90-$6.40 Levels that it will continue it's uptrend:
For bullish Targets on GEL refer back to my original Bullish idea on the Related Ideas tab
Bull run is coming to an end, even if it's only temporary. Diamond top leading to dump across multiple charts in multiple sectors. Will continue to add to shorts until we break above downtrend (red dash line).
Bearish Diamond Top Pattern possibly forming from ATH to test several support levels below.
It may be a good time to short and accumulate more.
The weekend is here and you know how it goes with Bitcoin! You just never know.
Have a good one!