Quick update as we closed our daily candle for July 13th.
The green daily close and volume profile support the inverted H&S pattern.
If this pattern were to come into play, the price action cannot retrace to the common retracement area of .786 of leading diagonals. But that's alright as the .618 level is being defended strongly and a retracement that steep is although common, but not necessary.
All in all, today (July 14th) is critical to watch as we approach the weekly close.
More updates to come.
The green daily close and volume profile support the inverted H&S pattern.
If this pattern were to come into play, the price action cannot retrace to the common retracement area of .786 of leading diagonals. But that's alright as the .618 level is being defended strongly and a retracement that steep is although common, but not necessary.
All in all, today (July 14th) is critical to watch as we approach the weekly close.
More updates to come.
Note
we also have a triangle formation in lower TFs, we have to watch out if we trade below the dotted line
Note
This is a H1 chart, we broke upwards. A retest can be seen in the 15 min chart.
Note
the .382 ret of the recent bear swing (~6370) needs to be cleared with conviction for us to give more credit to buyers
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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.