Hello dear friends;
As I said, I expected another spike and now we see it on the chart.
In my opinion, the pattern of three falling spikes in this trading range box is completed and I do not expect more falling for the next few days.
The distance between the price and the moving average of 20 (EMA20) has increased and there is a possibility that the price returning and touch the moving average of 20.
Today I thought that the incomplete break of the trading range box that was created in the previous decline will be fully confirmed by today's powerful spike, but now I believe that a double bottom pattern has formed.
So I still believe that in order to swing up to the limits of moving 20 in different time frames, we should enter the position.
I must point out that if this candle shadow becomes fully engulfed, we have to wait for the drop price again to the extent of the trading range box.
It seems a little unlikely to me, but the possibilities must be considered.
Cordial Reguards,
Ali Sadeghi
As I said, I expected another spike and now we see it on the chart.
In my opinion, the pattern of three falling spikes in this trading range box is completed and I do not expect more falling for the next few days.
The distance between the price and the moving average of 20 (EMA20) has increased and there is a possibility that the price returning and touch the moving average of 20.
Today I thought that the incomplete break of the trading range box that was created in the previous decline will be fully confirmed by today's powerful spike, but now I believe that a double bottom pattern has formed.
So I still believe that in order to swing up to the limits of moving 20 in different time frames, we should enter the position.
I must point out that if this candle shadow becomes fully engulfed, we have to wait for the drop price again to the extent of the trading range box.
It seems a little unlikely to me, but the possibilities must be considered.
Cordial Reguards,
Ali Sadeghi