Divergence on Monthly Chart + S/R level ----> Possible reversal?
Trend line is broken further validates the reversal happening.
****************No need to rush*******************
Wait for any possible consolidation to be over.
Consolidation is finished when it breaks the R1 (blue zone)
Aggressive : ...
On the 1H time frame,
> We can see that there is divergence at the resistance level
> RSI weakening - dying uptrend
On the 4H and Daily time frame:
> We can see that it is currently in the overbought region
> Spinning top reversal
> Major resistance level
When to enter?
Engulfing red candle 4H time ...
If the gold S/R -D1 Holds, the price should break the trend line and a trend reversal could take place.
A green candle that breaks the upper trend line is my first confirmation.
Further divergence on RSI will validate the trade
Indication of a down trend for 1H 4H and 1D
1/ Respect parallel channel
2/ RSI Divergence
3/ Daily and 1 Hour: Hits and respects the 0.382 Fib level
New low since as far as 2002. Not sure where it's going to go from here
Considering a safe TP and the next minor S/R
as always, any ideas ...
SHED SOME LIGHT IN THE COMMENTS :)
(Could make a 5th top before breaking out
Break out could happen in the next 2 weeks )
1/ Trend respecting Up Trend Support line on 1H, 4H and 1D Chart.
2/ Crossing EMA and MA's on the 1D chart
3/ Possibility of divergence when this candle or the NEXT candle ...