We have:
1. A descending triangle (orange)...
2. Breaking out of a rising wedge (yellow)...
3. Breaking out of an even larger wedge...
4. That formed a triple top.
5. The largest rising wedge (red) formed a bearish divergence on the RSI.
6. The MACD just flipped bearish.
Yes, of course, this might not play out. I guess we'll have to see.
Leave your thoughts down below :) Thanks for reading!
PLEASE NOTE:
The (red) rising wedge can also be drawn as a rising channel.
In that case, only the (yellow) rising wedge will break out and we might stop at the bottom of the channel.
Be prepared to take profit in the 3100s area.
1. A descending triangle (orange)...
2. Breaking out of a rising wedge (yellow)...
3. Breaking out of an even larger wedge...
4. That formed a triple top.
5. The largest rising wedge (red) formed a bearish divergence on the RSI.
6. The MACD just flipped bearish.
Yes, of course, this might not play out. I guess we'll have to see.
Leave your thoughts down below :) Thanks for reading!
PLEASE NOTE:
The (red) rising wedge can also be drawn as a rising channel.
In that case, only the (yellow) rising wedge will break out and we might stop at the bottom of the channel.
Be prepared to take profit in the 3100s area.