3 zones, 3 possible destinations; but first, a rebound from the green, the curve, or just a happy reaction to earnings report is expected or to be reasonably objective, required.
Price Action to be followed for any signs that might indicate a reversal at any of the 4 elements in the design.
Price Action to be followed for any signs that might indicate a reversal at any of the 4 elements in the design.
Note
Unfortunately, we never got to see a buying opportunity at the green rectangle, but we have a hit on the white dot. Signs of weakness and potential reversal are required for the scenario of a descent towards the red zone.Note
Big bounce from the white circle. If this doesn't come back for a retest of the purple zone I don't see where it can find support for now for the near future.Note
Big inflection at the first icon. Currently above the white curve with signs of support but not convinced this will hold.Note
decent rebound from near the white curve. Still liking the red zone destination potential but unfortunately if we get there it might not be with a clear cut reversal setup for a short. It could just gradually just loose tempo and momentum and slide towards it uninterestingly.Note
Interesting developments inside the purple zone again with the candlestick shadow pointing up from yesterday and the bearish engulfing recently confirmed. I haven't shorted though. There is the possibility of consolidation in this area for now. Would prefer a different kind of setup (especially the angle of the potential signal relative to the wave that it should/could reverse) to start thinking about an incursion towards the red zone...
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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.