Linear view, 4hr candles.
Check out this dark pink line if you don"t already have it on your chart. First time we flipped past it was the second hit from the top. The next time we flipped past it was the third hit from the bottom. Right now we are on the third hit from the top. I'm expecting a rally no higher than 9300, at the descending yellow line, and a fourth hit, which will break through and sink us down to either 8700-8600 (the bottom of the wedge) or the 200 and 400 EMAs currently running through the 8800s if we are super bullish. We have strong support at the bottom of the wedge. Below the apex at 8600, next support would be the .382 at 8500.
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Measure twice, cut once.
May all of life's treasures be yours.
Check out this dark pink line if you don"t already have it on your chart. First time we flipped past it was the second hit from the top. The next time we flipped past it was the third hit from the bottom. Right now we are on the third hit from the top. I'm expecting a rally no higher than 9300, at the descending yellow line, and a fourth hit, which will break through and sink us down to either 8700-8600 (the bottom of the wedge) or the 200 and 400 EMAs currently running through the 8800s if we are super bullish. We have strong support at the bottom of the wedge. Below the apex at 8600, next support would be the .382 at 8500.
Please engage with this post and follow me!
Measure twice, cut once.
May all of life's treasures be yours.
Note
Only dropped to 8960 before a rally up through the descending yellow line to the 50 EMA. Never really left the top of the wedge! Very bullish action. Looking for a pullback to 9175 area to confirm support on our pink line, and allow time for accumulation before the next move up, to 9425-9450 area.
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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.