Okay, before the weekend I analyzed the price would go to the red circled area; instead the price took a slight pause, which was a correction wave. I have observed that a correction wave is characterized by alternating red and green candles, whereas an impulsive wave is noticeably different and consists of many successive same-color candles. You can see that all the waves down have this characteristic, and the waves up have been mainly corrective.
The strength of the hourly candles clearly indicates a bearish direction down to the
29K level.
As usual, I keep seeing some tradingview guys posting some triangle and concluding that from a single triangle, the price will bounce into the stratosphere, then it gets more likes than one of my posts, because I tell it how it is, not just what you want to hear.
If you were a betting man, then bet on the 85% chance: that's the reliability of a H+S pattern. I have been yelling from the rooftops that the H+S neckline was broken 2 weeks ago, and only a small handful have taken notice. The rest are just in denial. All my bullish trend lines remain intact, and all the bearish trend lines have been broken. See what the lines want to tell you, not what you want to see.
The strength of the hourly candles clearly indicates a bearish direction down to the
29K level.As usual, I keep seeing some tradingview guys posting some triangle and concluding that from a single triangle, the price will bounce into the stratosphere, then it gets more likes than one of my posts, because I tell it how it is, not just what you want to hear.
If you were a betting man, then bet on the 85% chance: that's the reliability of a H+S pattern. I have been yelling from the rooftops that the H+S neckline was broken 2 weeks ago, and only a small handful have taken notice. The rest are just in denial. All my bullish trend lines remain intact, and all the bearish trend lines have been broken. See what the lines want to tell you, not what you want to see.
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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.