We just had a nice little bull run, sadly that is over now. I suspect we will paint a falling wedge. Because i believe the market as a whole is slowly turning more bullish, I expect the bottom of the falling wedge to be in less of an incline then the previous one. Once this falling wedge is complete, we will have put in yet another higher low, as we once again set off on a bull run to test 4K res. All of Mwill be very choppy but somewhat predictable. In the very short term, I expect a bounce which will confirm the pattern.
I could explain why the market will do this, but that would be complicated, I would prefer to simply say that IMO there is a 100% chance that this pattern will unfold, as shown in the graph above.
Cheers!
I could explain why the market will do this, but that would be complicated, I would prefer to simply say that IMO there is a 100% chance that this pattern will unfold, as shown in the graph above.
Cheers!
Comment:
was expecting more of a bounce... we are now grinding on the bulls trend line. I expect this to break, but I am still hopeful that we will see some movement UP before that happens, still targeting 3900.
right now it seems like a 50/50 chance of either a small jump up or small break down.
actually, option #3 grind on the trend line also seems equally likely. so i guess Up has a 2/3 chance.
I have also adjusted the lower line of the falling wedge slightly more bearish since the bounce was not what I expected it to be.
was expecting more of a bounce... we are now grinding on the bulls trend line. I expect this to break, but I am still hopeful that we will see some movement UP before that happens, still targeting 3900.
right now it seems like a 50/50 chance of either a small jump up or small break down.
actually, option #3 grind on the trend line also seems equally likely. so i guess Up has a 2/3 chance.
I have also adjusted the lower line of the falling wedge slightly more bearish since the bounce was not what I expected it to be.
Comment:
just noticed 4hour Stoch looks bearish AF, but on the daily the Stoch looks bullish AF.
its very much 33% chance of up down or sideways at this point.
its very much 33% chance of up down or sideways at this point.
Price appears to be bouncing back nicely, which is currently validating the falling wedge pattern I am expecting. In the pic above I add two trend lines. One line shows the current aggressive trend which is the bounce, and the other line shows the support line of the Feb. Bull run.
I do believe that BOTH these trend line will be Broken, and I expect the price to move down sharply when they do break one after the next. the bull trend is OVER and as such its just a matter of time until these lines break.
However, I believe the market will respect these trend lines for some time, continue to bounce off these trend lines until they break, Meaning, current bounce can go higher! I expect the price to get above 3900, and this might cause some to think a test of 4K is in order, which may or may not happen, this misplaced enthusiasm is our opportunity to make money.