1. Price was rejected lower at the .618 retracement, which is a significant level and an expected area of support. Price did move higher into the 4th Gann arc, but was rejected and we are not trading within that arc. This is bearish.
2. Price has failed to retest the break at this convergence area. We are trading below the 45 angle which confirms bearish sentiment.
3. Price is currently within the 4th arc and right on top of the .382 Fib level.
Bearish sentiment is still strong, I am remaining short. We are approaching an important area if we continue down to the .5 Fib level, a test and break of that level would bring in more sellers.
We could also see some bullish momentum, but I am expecting that to be limited and very much a ranging market until the next square.
2. Price has failed to retest the break at this convergence area. We are trading below the 45 angle which confirms bearish sentiment.
3. Price is currently within the 4th arc and right on top of the .382 Fib level.
Bearish sentiment is still strong, I am remaining short. We are approaching an important area if we continue down to the .5 Fib level, a test and break of that level would bring in more sellers.
We could also see some bullish momentum, but I am expecting that to be limited and very much a ranging market until the next square.
Note
I have no idea what Tradingview did with my Gann Square.Note
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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.