Feeling bearish again in the short term. Why?
4 Hr chart:
-Hidden Bearish Divergence
-Trendline providing heavy resistance (repeated rejections)
-Hanging man candle followed by a small shooting star in the works.
We may be dropping down to test the S2 pivot and .786 Fib at the bottom of the golden pocket. Still could have a bullish bounce there, but if we fall through the S2 of the pivots, back to the drawing board!
4 Hr chart:
-Hidden Bearish Divergence
-Trendline providing heavy resistance (repeated rejections)
-Hanging man candle followed by a small shooting star in the works.
We may be dropping down to test the S2 pivot and .786 Fib at the bottom of the golden pocket. Still could have a bullish bounce there, but if we fall through the S2 of the pivots, back to the drawing board!
Note
Forgot to mention- You can also see a decline in buying volume.Does not look like the right shoulder will complete at this rate.
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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.