Oil surprised and went orbital on the 1H time frame. RSI went into a sharp peak at about 84 on mid-point prices. The unexpected pump was attributed to news that the US will stop giving sanctions waivers to countries that import Iranian crude or condensate.
This 3-day time frame is tricky. Do you go long, short, or just...
A good SELL opportunity due to the fact that the current market is on a ranging market as well as the fact that it is high on RSI. We can therefore anticipate a drop.
There is further confluence when we consider the fact that the top linear level had been rejected previously 3 times.
The big pump down on the DAX on a 3D time frame is seeing an alternate three-drives pattern up retracing into a 61.8% Fib and a zone of congestion. All we can do now is get our axes ready for a nice short on a lower time frame. Preparation is 'everything'. :) You may win, you may lose. No pain no gain!
I AM LOOKING FOR THIS PAIR TO GO SHORT HOWEVER I WOULD LIKE TO SEE THIS BULLISH TRENDLINE BREAK AND FOR EVEN MORE CONFIDENCE OF TAKING THIS SHORT I WOULD WAIT FOR THIS TO REACH BELOW THE 79.60 LEVEL.
WE HAVE GOT A NICE SUPPORT AROUND THE 77.60 MARK SO THEREFORE THIS WOULD BE MY TP LEVEL.
WE HAVE JUST HIT THE 61.8% ON FIB AND SHOWN REJECTION SO THIS WOULD BE A...
(Monthly chart is used)
The Dow Jones Industrial Average could be due for a major reversal soon because of the following reasons:
1) There is a triple top forming
2) RSI on the monthly chart is showing a severe loss in strength shown by 2 lower highs whilst price makes a triple top (aka bearish divergence).
3) MACD lines have crossed over indicating a reversal in...
Horizontal wedge patterns are not easy. Some people believe they will break up at the top of trend, while others believe the opposite. All one can do if shoring is take a reasonable stop-loss to include the potential for spikes and false breakouts for the north.
Base on higher time frame analysis I favour the south, but this is not a recommendation to short.
- Rising wedge chart pattern forming
- We are looking for price to drop dramatically as this pattern is an indicator for a bearish reversal
- Price is nearing the support zone which is also the 0.618 fibonacci retracement level of the previous elliott wave
- Price could reverse and continue long respecting the trend or break through the rising wedge, support zone...