SHPING By AcroScopics
I zoomed in on this 15 min chart as price has moved into a zone that once it moves out of, will help clarify which Wave Count is correct.
It can move either way at this point, although the bias is down in the short term...maybe to stay within the triangle that is closing in fast.
There is significant BEARISH BIAS in RSI, coupled with running against multiple resistance lines including the 200MA above.
New potential down channel lines in GREEN in case the bears come ripping back.....
Bottom of new potential up channel line in RED...need to copy it and place on the highest price point to get the upper channel line.
Need to see if this new red channel line will hold against any price retracement.
I'll keep coyping and moving it if price does until it dosen't.
That will still give very specific trading zones once a turn in the other direction occurs.
Stay tuned!
It can move either way at this point, although the bias is down in the short term...maybe to stay within the triangle that is closing in fast.
There is significant BEARISH BIAS in RSI, coupled with running against multiple resistance lines including the 200MA above.
New potential down channel lines in GREEN in case the bears come ripping back.....
Bottom of new potential up channel line in RED...need to copy it and place on the highest price point to get the upper channel line.
Need to see if this new red channel line will hold against any price retracement.
I'll keep coyping and moving it if price does until it dosen't.
That will still give very specific trading zones once a turn in the other direction occurs.
Stay tuned!
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