This latest run up to $14k went parabolic excessively early in a bear market. The right shoulder being higher then the left shows optimism on the part of the bulls, but the increased height gave us an almost perfect rejection off of the breakdown levels from the descending triangle that formed the head. Should we fall and close below the neckline at $7934 the...
The midline of the ascending channel has broken, and been back tested. If we start heading back down to the set up trend line from the hourly red 9, then look out below. There is a slight possibility that we could hang out here for a while though, which would be the bullish case.
This rejection at 9000 puts us at risk of retesting and potentially breaking the $7k levels. Keep an eye on the local ascending channel to see if it will take us back to the top of the large descending channel, or if it will break also.
Don't get to excited bulls, we are still in a descending channel, and bounced off the top and bottom recently with the latest pop. Sit back and wait for the structure to form.
While it may be wise to sit this swing out, if we can hold these levels, look for another lower high to form somewhere between here and $11800. $11000 is another possible reversal point if this swing is weak. I am looking for a rejection and reversal to form at either $11k or $11.8k before more downside. Alternatively there is a slim possibility of a breakout...
Here is a better drawing of the pennant I drew last Wednesday that predicted the latest swing low within $200. I expect one of the two following outcomes.
If we can hold the current levels, and get above 10500 in the next 48 hours, then I will expect a retest of the top of the pennant . We could find some resistance at the green descending trend line that...
I drew this right before the latest touch, and these trend lines combined with what I think is a sequential 13, allowed me to play this short and get out at $9700 just before the bounce.
When I posted earlier, I didn't see the potential regular cup and handle that tried to play out. It appears like a reversal has happened, and my inverse cup and handle has started to follow through. The upward TD count finished on a TD 9 on the hourly and has just now printed a green TD 9 on the 4 hour. I am taking this as evidence that we will go lower. How...
The 15 min 9, didn't get a reversal. The 15 min 3 candle ran out of downward momentum and could not maintain below the 1 and 2 candles. The next opportunity for downside is in the hourly 9 that is due in 2 hours. Is that an inverted cup and handle forming?...
