Looks like the down-move is beginning, look for it to go down and break the low, which would complete a regular flat. On the 1H time-frame, it formed a correction, an entry point, from which you could have sold, and the structure is currently making such a correction again, giving you another clue that the sellers are still strong, and the structure will continue...
This is not investment advice. Trading entry need more research and real-time confirmation.
*Please do comment n follow me for more educational contents.
*For more inquiry, shoot us a message at our profile.
Thank you for supporting us!
All the best Traders!!,
We still haven't completed any patterns, 4 types of patterns are still possible to play out, a regular, expanding, contracting, or running flat. It all depends on whether we break the top or not before the down-move starts. But it seems like we will have 4H divergence, and the RSI is crawling up to overbought territory. Both indicators suggesting buy weakness....
View On German Stock Index (8 JULY 2020)
DAX has hit a strong resistant level of 12,800 a few days back and it is making a pullback.
It may slide down for a while but DO be careful of the strong support region.
It starts fro, 12,050 to 12,450 region. So, the price may drop to those regions, please be aware that the above-mentioned region shall support the price...
Sometimes I really love trading patterns. Even though my last trading idea was a flop and I had to close it manually (what happend: the SHS (4H) consolidated into the upward trendline). At the end it turned out to be a bear trap; my gut feeling avoided losses and I was able to make a least some profits with my 50% position. Nevertheless, it was a flop.
Lots of effort but little reward (or "result") recently.
Wyckoff says if the effort is great but with little result, the trend is coming to the end.
Now volume is beginning to fall of as traders lose confidence.
Perhaps we will see a bullish move to the trendline, followed by a reversal of the bullish trend, the first target being the .382fib, followed by the .5
We have formed a bearish bat pattern (not a perfect one) in June. In the beginning of July we have started to build a SHS pattern, which we just completed by breaking the neckline.
If we do not manage to reconquer the dotted upward trendline: Short with targets around 12.300.
As in the 4H chart timeframe the price is too high and As per the LongBuyLongSell Indicator move this has to come down from this level.
Price cannot move in single direction for long time ,Soon we see a reversal
Looks like price decided to go up once more to break the top, and it created a similar structure to what we had before, 'a running flat'. The analysis remains the same for now, the bigger picture still looks like a regular flat for 1 more big move down.