Three Black Crows on Weekly: Increasing weekly selling pressure after rejecting 2021 trendline resistance - these look like 3 black crows off resistance IMO which is a strong bearish reversal indicator.
Gravestone Doji on Daily: Not shown here but he daily close was a gravestone doji right next trendline support.. We could bounce but seeing strong selling pressure at support makes me anticipate more short term downside
Price Pattern: At first glance, this looks a bit like a head and shoulders pattern, but I feel like that's invalidated by the right shoulder really resembles more of a broadening wedge. As a result, I am still bearish and think we have downside after breaking trendline support but don't think it should be treated as a H&S pattern so I don't have a price target based on that. All I am anticipating is losing TL supporting a staying within the broadening wedge while moving towards the purple demand zones.
Short Term Bearish Targets if Trendline Support is Broken:
PT1 - 212 (possible reversal area)
PT2 - 200 (possible reversal area)
PT3 - 180 (possible reversal area)
Gravestone Doji on Daily: Not shown here but he daily close was a gravestone doji right next trendline support.. We could bounce but seeing strong selling pressure at support makes me anticipate more short term downside
Price Pattern: At first glance, this looks a bit like a head and shoulders pattern, but I feel like that's invalidated by the right shoulder really resembles more of a broadening wedge. As a result, I am still bearish and think we have downside after breaking trendline support but don't think it should be treated as a H&S pattern so I don't have a price target based on that. All I am anticipating is losing TL supporting a staying within the broadening wedge while moving towards the purple demand zones.
Short Term Bearish Targets if Trendline Support is Broken:
PT1 - 212 (possible reversal area)
PT2 - 200 (possible reversal area)
PT3 - 180 (possible reversal area)