There is significant divergence on the 15 min RSI and in the CMF. Higher timeframes are obviously oversold as well. Look at the 7200 area for initial support, followed by the 7050 area. Might update this later if there is significant interest. Want to get this out ASAP in case the correct does start immediately
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Here is a larger timeframe perspective that shows the fib retracement levels and where the 7080 support comes from. It also shows what is likely to happen if the ~7050 area does not hold.
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Is it HAPPENING? It might be happening folks. You heard it here first folks, if it does indeed happen
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What for a $100 drop in the coming few hours
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Well I was WRONG! My timing was off on my last update. However I took this as an opportunity to add to my short rather than take a stop loss. If we real 7700 then I will take my stop loss. See updated images below. I will close when the 15 min RSI goes oversold and then gives a convincing bounce.
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Looks like we have an expanding diagonal ending here. This is characteristic of a security that’s in the throws of bull/bear fight. If we close below the drawn trend line in a higher time frame expect us to go down. Same is true for the upper trend line.
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Here's that 7200 area I was talking about, and the couple of $100 drop. I miss timed this a little bit, but this is definitely the bearish short-term I called.
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These are the long term targets I am looking at to enter this bull trend / close my short.
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I'm shorting at this level.
