Bull flag is forming on 1-hour chart. Possible scenarios
Hi Guy,
There is a Bull flag is forming on the 1-hour chart which means it's going to break out soon. But Volume is my main concern right now because the volume is not confirming it. So There are 2 scenarios right now in my mind if it does not go below 7670-7680, it will possibly heading towards 7900 level for the 5th wave. The second scenario is that it has already completed the 5 waves in which the 5th wave was the truncated wave and now heading towards the 7500-7500 level for the retracement.
These are just my thoughts, not a financial advice.
There is a Bull flag is forming on the 1-hour chart which means it's going to break out soon. But Volume is my main concern right now because the volume is not confirming it. So There are 2 scenarios right now in my mind if it does not go below 7670-7680, it will possibly heading towards 7900 level for the 5th wave. The second scenario is that it has already completed the 5 waves in which the 5th wave was the truncated wave and now heading towards the 7500-7500 level for the retracement.
These are just my thoughts, not a financial advice.
Comment:
So it was the second scenario truncated 5th wave. Anyway Just missed the target with 4-5 USD.