its likely the euphoria has some lasting power with not much of a hangover without some serious news. i dont know what could be more serious than what is going on so...i could see a consolidation flag form between 3195 and 3165.
traders are seeing every compression triangle as a break out. negative divergences are being ignored. positive divergences are motivating buyers. right translated cycles are self fulfilling to fuel the next step up. price has become a technical playhouse. trade accordingly and watch for any change in character.
getting messy with so many lines. today was a consolidation break out (black line) to the red line. price could break that line now with so many hits. still expecting to reach the purple line. rsi looking weak.
looking at red and blue lines for support. red has priority. there could still be a challenge to purple, and under extraordinary conditions, the gold line. those would be stone cold shorts. lots of technical damage done by the sell off at 3183. for the moment. missed it by that much, chief. i was expecting 3193. still a right translated cycle, unless the...
gotta suspect a break eventually of the new black line added and up to challenge a higher level. the orange line may hold but logical target and resistance is now the purple line, whether its today or monday or tuesday
lower price with higher rsi, bullish divergence. you can find it all over but how do you know when it matters?
pair up stochastic and read both at the same time. when stochastic indicates you have a low, coupled with the divergence, esp. on larger time frames or multiple time frames, its likely to play out going forward.
here are two separate examples from march...