Love triangles, just love them since they give me a good time frame of what to expect and how to prepare when they start forming. So far they are my favorite and makes things less confusing, and more profitable. Thats just me though.
Descending triangle seems to appear here and perhaps we may see a run close to 530 and a good scalping opportunity. RSI looks like it may have some room left to complete an uptrend to 530, however MACD seems to tell us otherwise and appears to want to get back into the negative so we may dip closer to 500 pretty soon as well.
Regardless, looks like we are definitely consolidating within the triangle and probably a measured move down (short) to about 480-460 area in the next 24-48 hours.
Of course is always a chance can breakout near the end of the triangle so I measured a price objective to around 530-560 area before we can expect a retrace back downward.
Hang tight until we see a breakout or breakdown to confirm before doing anything.
Descending triangle seems to appear here and perhaps we may see a run close to 530 and a good scalping opportunity. RSI looks like it may have some room left to complete an uptrend to 530, however MACD seems to tell us otherwise and appears to want to get back into the negative so we may dip closer to 500 pretty soon as well.
Regardless, looks like we are definitely consolidating within the triangle and probably a measured move down (short) to about 480-460 area in the next 24-48 hours.
Of course is always a chance can breakout near the end of the triangle so I measured a price objective to around 530-560 area before we can expect a retrace back downward.
Hang tight until we see a breakout or breakdown to confirm before doing anything.
Comment:
Dropped to 500 as anticipated. RSI is at the bottom, should be able to move up to at least closer to 515. Should be a nice scalp opportunity at the least. Keeping my S/L very tight at 495 just it case it blows downward.
Comment:
Reached around 515 area as anticipated, took a small profit and got out of there. RSI is at the top and its ready to make a retrace back to 500 area for a short opportunity down to 500.. I will be waiting to go long again at 500.
Still a chance can breakout up so keep an eye out for that before deciding to short.
Still a chance can breakout up so keep an eye out for that before deciding to short.