I am measuring ABCDE but the B point is where there is a bullish divergence. In each instance, the B point marks the end of a falling trendline and a reversal occurs. C marks the first tap after divergence and is the second tap of the upper trendline from the prior run.
What is interesting is that a wedge forms on the C - D line. I will be watching to see if this...
I've gone and adjusted some of my trendlines and based on trendlines, we may be seeing a bounce off that golden line. It has been a very important level for months. There is the smallest uptrend in both OBV and RSI that may indicate a bounce. If we clear the falling wedge, ideally with some volume, this may indicate a bullish divergence. I would be looking for a...
Currently, unless we see some unknown catalyst for buyers to step in over the next week, prices to watch for are between $7.10 and $7.85 should this falling wedge break the fib level.
Well, the breakout to the downside is not good. Maybe this has to do with the new ETF's?
I will be watching closely at the RSI and OBV over the next week as the saving grace is they don't seem to match the move to the downside.
What I've done is adjust the upper trendline and illustrate the gap down. There was a prior golden long-term demand zone which has been copied down to this adjusted technical analysis.
It looks like there is a rejection off the prior upper trendline that extends back to the gamma squeeze last year. Because the RSI is largely oversold and the OBV is bottoming out,...
