We're now in a major uptrend market with structure experiencing several major corrections, however the previous lower high hasn't been broken yet thus remains our thesis.
Several things to note:
- This is a buyers market with price structure experiencing several major corrections
- From the daily chart, we can see price reached a high that was last touched on December 2015. After so, it tanked down until 87.9
- This is where it gets interesting--87.9 is home to the 23.6 fib line, one h4 support, one daily support, and a demand zone. Logically this is long.
- Price is within a symmetrical triangle and a rectangle--something big is about to happen
- If this candle closes as a bearish one, I will enter a short based on my system
Confluences:
1) Doji
2) H4 resistance
3) Supply zone
4) 23.6 fib line
Several things to note:
- This is a buyers market with price structure experiencing several major corrections
- From the daily chart, we can see price reached a high that was last touched on December 2015. After so, it tanked down until 87.9
- This is where it gets interesting--87.9 is home to the 23.6 fib line, one h4 support, one daily support, and a demand zone. Logically this is long.
- Price is within a symmetrical triangle and a rectangle--something big is about to happen
- If this candle closes as a bearish one, I will enter a short based on my system
Confluences:
1) Doji
2) H4 resistance
3) Supply zone
4) 23.6 fib line
Trade active
Trade is positive - if you actually pull the fibs from the low of the starting bullish candle relative to the trend to the highest high of the bullish trend, you actually see price hitting 38.2 and then reversing
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.