What I see on the 1HR chart:
- Could that be another bull flag forming there?
- Notice that wave (D) is currently fighting the diagonal resistance line I've drawn out. Will it break upward and run or will it retrace back to the diagonal support line? Only time will tell.
- Blue convergence line is still above red baseline which is a fairly bullish sign.
- Still trading above the kumo cloud which is a bullish sign. A strong test of the top of the cloud (Senkou Span A) can be seen (Wave C). Notice the strength of that bounce tho!
- In a bullish trend, the bottom of the cloud (Senkou Span B) will reveal a flat bottom kumo. Notice that it has done that twice now. Will we see a third?
- One thing to point out is that when the kumo cloud is thick, it becomes harder for price action to pierce down through it. It becomes much easier to break through (whether up or down) when the cloud is thin.
- RSI is showing that we are trading above 50% levels which also indicates a bullish trend is ongoing.
I am no financial advisor! Do your research before making any investments. PROTECT YOUR CAPITAL!
- Could that be another bull flag forming there?
- Notice that wave (D) is currently fighting the diagonal resistance line I've drawn out. Will it break upward and run or will it retrace back to the diagonal support line? Only time will tell.
- Blue convergence line is still above red baseline which is a fairly bullish sign.
- Still trading above the kumo cloud which is a bullish sign. A strong test of the top of the cloud (Senkou Span A) can be seen (Wave C). Notice the strength of that bounce tho!
- In a bullish trend, the bottom of the cloud (Senkou Span B) will reveal a flat bottom kumo. Notice that it has done that twice now. Will we see a third?
- One thing to point out is that when the kumo cloud is thick, it becomes harder for price action to pierce down through it. It becomes much easier to break through (whether up or down) when the cloud is thin.
- RSI is showing that we are trading above 50% levels which also indicates a bullish trend is ongoing.
I am no financial advisor! Do your research before making any investments. PROTECT YOUR CAPITAL!
Comment:
Bullish Pennant instead of flag. Sorry about that folks!