Looking at the daily timeframe, we can see, that the price has formed a channel in wich the price has been moving for the last couple of months. Right now the price is at the upper line of the channel after a big bullish move. It is now in a consolidation, as the bulls have been exhausted a bit. Looking fo either a bounce from the line and a formation of another bearish move with targets at the lower line of the channel or a brekout in the bullish direction, and another bullish move.
On the four hour chart we can see, that the price has formed another channel after it has gone into the consolidation move. We are looking for the same two options here as we are on the daily chart. Either the price will be bouncing in the channel for a bit or a breakout out of the channel. We do expect a brekout in the bullish direction, as the intial motive wave before this correction was also bullish.
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On the four hour chart we can see, that the price has formed another channel after it has gone into the consolidation move. We are looking for the same two options here as we are on the daily chart. Either the price will be bouncing in the channel for a bit or a breakout out of the channel. We do expect a brekout in the bullish direction, as the intial motive wave before this correction was also bullish.
Feel free to pick up a copy of our Free Weekly Newsletter here:
[url=mailchi.mp/bc78576d6f40/freeweeklymarketoutlook ]mailchi.mp/bc78576d6f40/freeweeklymarketoutlook
We wish you good luck with your trading!
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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.