inverted Cup and Handle
- structure looks real
- messy but descending volume profile
- RSI = 49, plenty of room for down
- MACD = flipping red soon for the first time since Jan
Target = 7.7k - 6.5k
- support at previous local high and local low likely, 8.8k and 7.7k, respectively
- yearly Pivot = 8k
- large support volume node at 6.5k
If real, will...
As the nine month range gets tighter, price is positioned for a move soon.
Prepare a trading plan before the move happens.
<6000? --> likely quick path ~4k
>7200? --> likely quick path to previous local highs, 8.4k, 10k, 11.4k
High TF bearish consolidation suggestive of bearish continuation.
This target would also break the longstanding descending triangle.
Stop entry <6140
SL = 6400
TP = 5000-5350
Previous resistance turned support from Sept and Oct of last year also at these TP levels.
C-Clamp suggests oversold conditions on 4h TF, can be thought of similarly to any divergence
Potential falling wedge mess w/descending vol profile and RSI bull divergence
SL < 6150
TP = Kijun > 6777.77
long entry will trigger with price breaches PF, not before
ML (yellow) is high probability target so long as price remains in PF
based on duration of price in trend channel, PF support/resistance diags should be considered significant
Bullish Reversal Pattern
Neckline resistance questionablly diagonal
Volume profile essentially descending barring the head
Target based on; measured move, fib extensions, previous horizontal resistance
Throwback to diagonal zone of resistance turned support is possible after neckline break
Note: previous H&S broke SL at Right Shoulder and completed anyway....