This type of pattern we can see which flows from the highlighted number 1 to number 6 and beyond occurs across all timeframes. It shows us that the bulls are in control, but the bears are beginning to find strength, however the bulls are fighting back to push things higher once more.
This essentially tells us that the bears are beginning to gain strength and it is likely we see a big retracement some time soon. However in the shorter term, because the bulls are consistently keeping price from making new lower lows, they are actually forcing ever so slight higher highs. Therefore, we expect to see one last push from the bulls taking to another All Time High price.
This falls in-line with the higher timeframe perspective idea we have just posted.
Take a look:
This essentially tells us that the bears are beginning to gain strength and it is likely we see a big retracement some time soon. However in the shorter term, because the bulls are consistently keeping price from making new lower lows, they are actually forcing ever so slight higher highs. Therefore, we expect to see one last push from the bulls taking to another All Time High price.
This falls in-line with the higher timeframe perspective idea we have just posted.
Take a look:
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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.