Hey everyone, today I will bring you my perspective on this rally.
First, I can see a Three White soldiers pattern formed , with the only noticeable problem being the Volume dropping a bit while rallying.
This pattern is common to see after a strong downtrend, indicating a possible reversal in the trend.
We can also see that a Bullish Divergence as occurred (RSI) , and that volume was dropping from 20th November till 16th December 2018, which indicates that the downtrend was losing strength.
According to My Fibonacci Analysis, there's a possible resistance in the blue rectangle (5740-5840).
The odds are now in favor of going long rather than short, at least for a short-term.
I will keep updating!
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
First, I can see a Three White soldiers pattern formed , with the only noticeable problem being the Volume dropping a bit while rallying.
This pattern is common to see after a strong downtrend, indicating a possible reversal in the trend.
We can also see that a Bullish Divergence as occurred (RSI) , and that volume was dropping from 20th November till 16th December 2018, which indicates that the downtrend was losing strength.
According to My Fibonacci Analysis, there's a possible resistance in the blue rectangle (5740-5840).
The odds are now in favor of going long rather than short, at least for a short-term.
I will keep updating!
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Comment:
Rejection in the Symmetry projection Fib 1. , look at that shooting star that formed with a huge volume, that's an "anomaly" indicating that whales are not ready to push the market higher, there's still some selling to be done.