Slightly altered, more developed look at this chart which played out nicely:
The previous attempt at 7,9xx was bought up immediately (which led to the development of an ascending channel). This is drastically different than the price action currently. We are painting consistently lower lows and find ourselves in a steep descending channel. People are not buying the dip nearly as eagerly (as has been typical of this bull run), which supports the idea that we are still strongly overbought and more downside is to be expected. The doji on the weekly chart has been confirmed as a reversal.
Each blue rectangle is a range which I think we could bottom out in. I believe this will occur midweek. The lighter the rectangle color, the more likely I think we will bottom and bounce in it.
Best of luck. Like & follow for more!
The previous attempt at 7,9xx was bought up immediately (which led to the development of an ascending channel). This is drastically different than the price action currently. We are painting consistently lower lows and find ourselves in a steep descending channel. People are not buying the dip nearly as eagerly (as has been typical of this bull run), which supports the idea that we are still strongly overbought and more downside is to be expected. The doji on the weekly chart has been confirmed as a reversal.
Each blue rectangle is a range which I think we could bottom out in. I believe this will occur midweek. The lighter the rectangle color, the more likely I think we will bottom and bounce in it.
Best of luck. Like & follow for more!
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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.